Eric works for a salary of $ 3 , 500 per month. He has federal income tax withheld at the rate of 15 %, Social Security tax at the rate of 6.2 %, Medicare tax at the rate of 1.45 %, and health insurance premiums of $ 48 per month. Eric also contributes to a savings plan. Each month, 2 % of his gross pay is placed in the savings plan.