DE11-13 Suppose you have worked for an accounting firm all year and you earn a monthly salary of $8,000. Your withheld income taxes consume 15% of your gross pay. In addition to payroll taxes, which are required, you elect to contribute 5% monthly to your pension plan. Your employer also deducts $200 monthly for your co-pay of the health insurance premium. Compute your net pay for October. Use an 8% FICA tax rate on the first $75,000 of income.