An employee earns $5,600 per month working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $186 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $154 and contributes $77 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)

Multiple Choice

• $4,754.60

• $4,452.20

• $4,709.80

• $4,835.80

• $4,407.40