Bob is a W-2 employee for ABC Company. In December of 2019, Bob receives a promotion and his employer tells him that his new compensation will be $160,000 in 2020. Bobs 2019 compensation was $130,000. He asks you to calculate how much his annual take home pay will increase for 2020. Bob does not participate in any retirement or health plans through his employer. He withholds 15% of his gross pay for federal income taxes and 5% of his gross pay for state income taxes.