28) This tax helps pay for a portion of our nation to fund the retirement, * 5 points disability, and survivorship benefits of individuals State tax Federal tax Social Security tax Medicare 29) Calculate NET PAY using the following information: * 3 points SALARY: $70,000/year (You get Paid twice a month) Federal Income Tax- $260 State Income Tax- $125 Medicare: $25 Social Security: $22 Pension: $200 Health Insurance: $160 $2,124.67 1,900.30 $2, 342.76 $1,952.27