Assignment: Financial Decision Making Part 1: Which Ieb2 You are considering two job offers a full-time permanent position that pays $55,500 annually and a full-time contract job that pays $29 per hout Estimate the gross annual income, gross monthly income, and the after tax monthly income for each job offer. The income tax rates 22.654 Record your estimates in Job Summary Table 2 on p. VI-22. Use the information for calculating income, taxes, and costs that Amanda used in the example in the slideshow. The contract job is self-employment, which is taxed an additional 7.65% of gross income Based on the gross monthly income, which Job should you take? Why? Based on the after tax income, which job should you take? Why? The permanent position will cost you $95 per month in healthcare benefit of your after-tax income in retirement contributions. The contract job will cost you $150 per month in health care benefits and of your after come in retirement contributions Estimate the take home income for each job offer and record it in a Sob Summary Table. Based on this information, which sob should you take? Why? Job Summary Table Job: Permanent Contract Income information Process Gross annual income Process Gross monthly income process Process After-tax monthly Income Process: Health insurance Process Retirement plan Monthly take home income REFLECTION: 1. Did your decision on which job to take change throughout the analysis 2. What does that say about the decision process for considering any job offer? 3. When considering various job offers, what will factor into your decision? Part IILA Savings Account Amanda has decided to keep the investment until retirement 40 years from now Amanda is considering a savings account that pays 3.75 interest compounded annually Amanda is considering a CD that pays simple annual interest for five years Use your graphing calculator to graph both functions Savings account CD: Describe your axes and scaling and sketch your graphs Compare and contrast the graphs of the two different functions Explain what you see in terms of the function rules and the table 2. Why is there for tween the two more explain your answer using the information from the tables, graphs, or function rules 3. Which investment should Aranda ce the cb or the Vis account? Explain your reasoning 4. How mich would the same savings account be worth in 50 years in the interests compounded quarterly