Jane works forty hours a week at $10 per hour and averages ten hours a week in overtime. She withholds 10% of her gross wages for a 401(k) plan and receives a 50% matching contribution by her employer. She pays $10 per week for group medical insurance coverage, pays FICA, and withholds 5% of her gross wages for Federal Income Tax. The month is February and she receives four paychecks. 15. How much is Jane’s monthly gross wage? 16. How much do Jane and her employer deposit into her 401(k) plan each month? 17.How much does Jane have deducted each month for FICA? 18.How much does Jane withhold monthly for Federal Income Tax? 19.How much is Jane’s net take-home pay?
