Danny is a full-time exempt employee in Alabama, where the state Income tax rate is 5%. He earns $78,650 annually and is paid semlmonthly. He is married with four withholding allowances. His health Insurance is $100.00 per pay period and is deducted on a pre-tax basis. Danny contributes 5% of his pay to his 401(k). Assuming that he has no other deductions, what is Danny's net pay for the period? (Use the percentage method for the federal Income tax and the wage-bracket table for the state Income tax. Do not round Intermediate calculations. Round your final answer to 2 decimal places.) Table 5. Percentage Method-2018 Amount for one Withholding Allowance Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) One Withholding Allowance $79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 16.00 The amount of income tax to withhold is: $0 TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- (6) MARRIED person- If the amount of If the amount of wages (after wages (after subtracting subtracting withholding withholding allowances) is: The amount of income tax to withhold is: allowances) is: Not over $154... ... $0 Not over $481...... But not But not Over- over- of excess over- Over- over- $ 154 - $ 551 0.00 plus 10% - $ 154 $ 481 -$ 1,275 $ 551 - $ 1,767 39.70 plus 12% - $ 551 $ 1,275 - $ 3,706 $ 1,767 -$ 3,592 185.62 plus 22% -$ 1,767 $ 3,706 - $ 7,356 $ 3,592 -$ 6,717 587.12 plus 24% -$ 3,592 $ 7,356 -$13,606 $ 6,717 -$ 8,488 $ 1,337.12 plus 32% -$ 6,717 $13,606 -$17,148 $ 8,488 -$20,988 $ 1,903.84 plus 35% -$ 8,488 $ 17,148 - $25,481 $ 20,988 $ 6,278.84 plus 37% -$ 20,988 $ 25,481 $ $ $ $ of excess over- 0.00 plus 10% 79.40 plus 12% 371.12 plus 22% 1,174.12 plus 24% 2,674.12 plus 32% 3807.56 plus 35% 6,724.11 plus 37% -$ 481 -$ 1,275 -$ 3,706 -$ 7,356 -$13,606 -$17, 148 -$ 25,481 o o $2,245.53 o $2,414.53 o $2178.90