You are considering two job offers: a full-time permanent position that pays $65,000 annually and a full-time contract job that pays $35 per hour. What is the gross annual income, gross monthly income, and the after-tax monthly income for each job offer? Use the information for calculating income, taxes, and costs that Kafi used in the lesson (Social Security 6.2%, Medicare 1.45%, and Federal 15%). The contract job is self-employment, which is taxed an addition 7.65% of gross income. Job: Permanent Position Contract Position Income Information: $65,000 per year $72,800 per year Gross annual income: Gross monthly income: After-tax month
You are considering two job offers: a full-time permanent position that pays $65,000 annually and a full-time contract job that pays $35 per hour. What is the gross annual income, gross monthly income, and the after-tax monthly income for each job offer? Use the information for calculating income, taxes, and costs that Kafi used in the lesson (Social Security 6.2%, Medicare 1.45%, and Federal 15%). The contract job is self-employment, which is taxed an addition 7.65% of gross income.
Job: Permanent Position Contract Position
Income Information: $65,000 per year $72,800 per year
Gross annual income:
Gross monthly income:
After-tax monthly:
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