You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Gross Monthly Income After Deductions for Job 2?$4,4444.93$4,147.69$3,166.76$3,198.99 The following job chart may be beneitial or organizational purposes.Job 1Job 2Income InformationProcessGross Annual IncomeProcess VacationGross Annual Income afterVacationProcessGross Monthly IncomeProcess Retirement (ifpre-tax contribution)Process Health InsuranceGross Monthly Income AfterDeductionsProcess TaxesAfter-Tax Monthly IncomeProcess Retirement (ifafter-tax contribution)Monthly Take Home Pay

Concept: Gross income = net income - deductions.

Answered: You are considering two job offers: Job…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes.

Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation.
Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.

You plan on taking 2 weeks (10 days) of vacation.

What is the Gross Monthly Income After Deductions for Job 2?

$4,4444.93

$4,147.69

$3,166.76

$3,198.99