Answer the following questions that go with the graph in the previous picture Get Together: Net Monthly IncomeJaxson works as a vet tech and is finding his earnings do not cover as much of his expenses as hewas hoping because he forgot to consider his deductions. He has decided he needs to budget hismoney. To start that process, he needs to know his net monthly income. Use the information onJaxson's earnings statement to answer the questions and calculate his net monthly income (NMI).Jaxson's Earnings StatementVanDyke Veterinary ServicesADDRESSCITYSTATEZIP140 Equine Blvd.AustinTX78712-0006MARITALEMPLOYEE NAME andADDRESSΕMPLOYΕPAY BEGINDATESTATUS/PAY END DATEPAY DATECHECK NO.ID/SSNEXEMPTIONSJaxson Smith, 2424 Fleet St.Austin, TX, 78712SINGLEO111-22-431212/15/1912/28/1912/30/1926INCOMECURRENTDEDUCTIONRATEHOURSYTD INCOMECURRENTYTDDESCRIPTIONINCOMEDESCRIPTIONREGULAR PAY$13.7580$1,100.00 $28,600.00FEDERAL TAX$132.00$3,432.00OVERTIME PAY$0.00$0.00$0.00FEDERAL MED$37.54$976.04TAXAY PAY$20.004.00$80.00$80.00FICA SS TAX568.20$1,773.20VACATION PAY$13.752.50$34.38$893.75STATE TAX$0.00$0.00MEDICALSICK PAY$0.00$0.00$0.00PREMIUM$75.07$900.84HOLIDAYBONUS$100.00$100.00$100.00DENTAL PREMIUMCAS 40401(K)CONTRIBUTIONOTHER$0.00$0.00$0.00$3500 S420 00OTHER$0.00$0.00$0.00EMPLOYEE LIFE$1.00$26.00TOTALINCOMETOTALYTD GROSSINCOMEYTDTOTAL NET PAYTHIS PERIODDEDUCTIONSYTD NET PAYDEDUCTIONS THISTHIS PERIODPERIOD$29,673.75$7,593.48$22,080.27 Student Activity | Net Income1. Add the current income h om each pay category. What is the total income for this pay period?2. Add the taxes, benefits (premiums), and other deductions. What are the total deductions for this payperiod?3. Subtract the total deductions from the total income for this pay period. What is the total net pay for thispay period?4. Calculate Jaxson's NMI: Multiply the total net pay for this period by the 26 paychecks Jaxson will receiveper year. Then divide that amount by the 12 months in a calendar year. What is Jaxson's NMI?

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Student Activity | Net Income 1. Add the current income hom each pay category. What is the total income for this pay period? 2. Add the taxes, benefits (premiums), and other deductions. What are the total deductions for this pay period? 3. Subtract the total deductions from the total income for this pay period. What is the total net pay for this pay period?