Question 30 6 pts Howard Bannister is a new assistant professor of musicology at the lowa Conservatory of Music. Given the following information, how much CASH does Howard receive this year from the Conservatory in his paychecks? Round you answer to the nearest dollar. Note: Howard does not receive any retirement fund cash until he retires, which is at least 40 years in the future. . His salary is $113,000. The conservatory agrees to contribute an amount equal to 7% of Howard's academic year salary into a retirement fund. Howard acquires legal title to these retirement contributions only If he stays at the conservatory for four years or more. No This retirement money is NOT withheld from Howard's salary, this is additional money that comes from the conservatory. Historically, approximately 70 percent of new assistant professors have remained with the conservatory at least four years. . The conservatory withholds $4,900 per year from Howard's salary as his contribution to medical coverage. The Conservatory pays a health insurance company 57,900 per year per employee for medical coverage. Howard has a term life insurance policy through the conservatory because of the favorable group rate he can get. The $2,000 per year cost is withheld from his salary. If he were to get the same insurance on his own, it would cost $2,500 The Social Security tax rate is 6.20%. This amount is withheld from just the first $100,000 of Howard's salary and amounts earned above $100,000 are not subject to Social Security tax. In addition, the conservatory must match this amount and pay it to the federal government The Medicare tax rate is 1.45%. This amount is withheld from all of Howard's $113,000 salary. In addition, the conservatory must match this amount and pay it to the federal government Federal income taxes totaling 20% of Howard's $113,000 salary are withheld from his pay. 574,856 $67,752 $150,339 $78,450 $75,662