Say the following are deductions on a typical income,

i.Pension deductions are 5% (assume there is no maximum)

ii.Employment Insurance deductions are 2.4% (assume there is no maximum)

iii.And Income Tax deductions are as follows

1.For annual salaries, on the first $11,000, no income tax is paid,

2.On the first $11,000 to $25,000, 8% of the gross income is deducted,

3.On the first $25,000 to $50,000, 12% of the gross income is deducted,

4.On the first $50,000 to $100,000, 15% of the gross income is deducted,

5.And on the rest of the income, 20% of that gross income is deducted.

Henry makes an annual gross salary of $70,000, what is his net salary?