At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofias salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofias net pay for this first pay period.

gross pay

FICA Social Security

FICA Medicare

Federal Income tax

medical insurance deduction

life insurance deduction

total deductions

net pay