PART 1 (30 points): Earl Honeywood is a manager in a paper sales company. He is paid twice a month (or twenty- four times a year). Use the following information to calculate Earl Honeywood's NET pay for EACH pay period, rounding - if necessary-to the nearest cent. (20 points) Earl has an annual salary of $110,000. As an employee, Earl is subject to Social Security and Medicare tax. His employer must match that amount. Based on the exemptions that Earl has provided on his w-4 and state withholding form, 20% of his gross pay is withheld each period for federal income tax and 6% is withheld for state income tax. Health insurance for Earl and his family costs $18,000 per year. Earl is responsible for 15% of the premium, which is withheld from his paycheck, while his company pays the remaining amount Each pay period, Earl contributes 4% of his salary to a 401(k) retirement plan. The company matches his contribution. Furthermore, the company makes an additional contribution of 10% of his salary to a defined- contribution pension plan. Earl pays $2.50 each pay period for supplemental life insurance Earl contributes $50 from each paycheck to a flexible spending account (FSA)