Practice Problem #3: Jack's employer just switched to a new payroll system. He
wants to make sure that his net pay has been computed correctly. His gross pay per
pay period is $587.34. He has the following deductions: Social Security tax (6.2%),
Medicare tax (1.45%), federal withholding tax $164.45, state withholding tax
$76.34, retirement insurance contribution $50.00, disability insurance fee $8.00,
medical insurance fee $23.00, and dental insurance fee $8.00. What should his net
pay be for this pay period?