Suppose you work for an accounting firm all year and earn a monthly salary of $9,000. No
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Suppose you work for an accounting firm all year and earn a monthly salary of $9,000. No overtime is paid. Your withheld income taxes consume 18% of gross pay. In addition to payroll taxes, you elect to contribute 5% monthly to your retirement plan. Your employer also deducts $230 monthly for your co-payment of the health insurance premium. Compute your net pay for December. Use a 7.65% FICA tax rate, and assume that total earnings (including bonuses) prior to this pay period for the year are $103,600. Round amounts to the nearest cent?
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