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 ater Deductions for Job 1? $4,833.33 $4,613.33 $3,522.27 $3,342.27
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 ater Deductions for Job 1?
$4,833.33
$4,613.33
$3,522.27
$3,342.27
![The following job chart may be beneitial or organizational purposes.
Job 1
Job 2
Income Information
Process
Gross Annual Income
Process Vacation
Gross Annual Income after
Vacation
Process
Gross Monthly Income
Process Retirement
(if pre-tax
contribution)
Process Health Insurance
Gross Monthly Income
After Deductions
Process Taxes
After-Tax Monthly Income
Process Retirement
(if after-tax
contribution)
Monthly Take Home Pay](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F109fbe19-ea20-407d-8943-94a2e9654aba%2F931407ae-d675-42fe-84bb-3c58c0173cf9%2Fowp1yi_processed.png&w=3840&q=75)
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