Final answer:
To calculate the net pay, subtract the deductions and taxes from the total salary. The net pay is $350,180.
Step-by-step explanation:
To calculate the net pay, we need to subtract the deductions and taxes from the total salary. The deductions and taxes include FICA taxes (which consist of Social Security and Medicare taxes), FUTA taxes, and Federal Withholding. We also need to subtract the employee medical premiums from the total salary. Let's calculate the net pay:
Net Pay = Total Salary - (FICA taxes + FUTA taxes + Federal Withholding + Employee Medical premiums)
Net Pay = $480,000 - ($36,720 + $12,100 + $67,000 + $14,000)
Net Pay = $480,000 - $129,820
Net Pay = $350,180