Yes I agree with figures that your take home pay is only $4.85/hour for the first year.
But, look at the big picture / long term.
Is this a job you will only keep for 1 year ?
Or more like maybe 20 or more years ?
I still believe in the long term you will be financially better off even if the first year is hard (for the average pilot coming out of GA).
$4.85/hour anyway is very good for your first year in an airline compared to your first year in GA !!
Lets say you spend $50,000 to gain a CPL and then your first job brings you $15,000 !!
This means your first year in GA you are working at a loss of $35,000 !! You are losing $70/hour (based on 500 hours/year) !!
But then why do pilots continue ? Because they look at the long term picture.
Your first in the airlines can now be likened to your first year GA, but better. And just like GA, it will get better, and you will eventually make a "profit".
$4.85 the first year will turn into $42.00 the next year and only get better. And what about when you get your command ?
Look at the long term !!