Suppose you work for DePetro-Carr, the accounting firm, all year and earn a monthly salary of \($6,800\). There is no overtime pay. Your withheld income taxes consume 25% of gross pay. In addition to payroll taxes, you elect to contribute 6% monthly to your retirement plan. DePetro-Carr also deducts \($110\) monthly for your co-pay of the health insurance premium.
Requirement
1. Compute your net pay for November. Use an 8% FICA tax rate.