1. Say the following are deductions on a typical income,
2. Pension deductions are5%(assume there is no maximum)
3. Employment Insurance deductions are2.4%(assume there is no maximum)
4. And Income Tax deductions are as follows
5. For annual salaries, on the first$11,000,no income tax is paid,
6. On the first$11,000to$25,000,8%of the gross income is deducted,
7. On the first$25,000to$50,000,12%of the gross income is deducted,
8. On the first$50,000to$100,000, 15%of the gross income is deducted,
9. And on the rest of the income,20%of that gross income is deducted.
10. Henry makes an annual gross salary of$70,000,what is his net salary?