Your audio device needs to be in headset, 2 channel, or 4 channel mode for the pink jack to function as a mic jack, otherwise its the bass/center channel.
this info is found in your users manual on pg 1-21 btw.
I believe it is in 2 channel mode, and the microphone does work, but it has a lot of static in the background when talking. By lowering the microphone boost I'm able to hear myself more clearer, however the microphone volume is too low.
Is there any thing I could do to increase the volume of the microphone (Its at 100% already) while maintaining a small/limited amount of static.