5. Say the following are deductions on a typical income, i. Pension deductions are 5% ii. Emploment Insurance deductions are 2.4% iii. And Income Tax deductions are as follows 1. For annual salaries, on the first $11,000, no income tax is paid, 2. On the first $11,000 to $25,000, 8% of the income is deducted, 3. On the first $25,000 to $50,000, 12% of the income is deducted, 4. On the first $50,000 to $100,000, 15% of the income is deducted, 5. And on the rest of the income, 20% of that income is deducted. Henry makes an annual gross salary of $70,000, what is his net salary?