Getting Paid Part1. 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 hourEstimate the gross annual income, gross monthly income, and the after-taxmonthly income for each job offer. Record your estimates in Job SummaryTable 2 at the end of this activity sheet. Use the information for calculatingtaxes that Seth used (15% Federal Tax, 6.2% Social Security, 1.45%Medicare). The contract job is self-employment, which is taxed an additional7.65% 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?2. The permanent position will cost you $95 per month in health care benefitsand 4% of your after-tax income in retirement contributions. The contractjob will cost you $150 per month in health care benefits and 8% of your after.tax income in retirement contributions.Estimate the take-home income for each job offer and record it in JobSummary Table 2. Based on this information, which job should you take? Why?3. Did your decision on which job to take change throughout the analysis? Whatdoes that say about the decision process for considering any job offer? Whenconsidering various job offers, what will factor into your decision?

Job Summary Table 2 Job: Permanent Contract Row Position Position No. 1 Income Information 2 Gross annual Income 3 Gross monthly Income 4 After-tax monthly Income 5 Vacation 6 Sick Leave 7 Health Insurance 8 Life Insurance 9 Retirement Plan 10 Monthly Take Home Income