You are considering two job offers:

1. A full-time permanent position that pays $55,000 annually.
2. A full-time contract position that pays $29 an hour. Since it is a contract position, it is taxed at an additional 7.65%

TAX INFORMATION:

The government deduct Social Security (6.2%), Medicare (1.45%) and Income Tax (15%).

BENEFITS:

• The permanent position will costs are: $1,140/year for healthcare and retirement will cost 4% of your monthly after-tax income.
• The contract position will cost you $150/month for healthcare and retirement will cost 8% of your monthly after-tax income.

What is the gross annual income for the permanent position?

What is the gross monthly income for the permanent position?

What is the after-tax monthly income for the permanent position?

What is the monthly cost for healthcare for the permanent position?

What is the monthly cost for retirement for the permanent position?

What is the monthly take-home pay for the permanent position?

What is the gross annual income for the contract position?

What is the gross monthly income for the contract position?

What is the after-tax monthly income for the contract position?

What is the monthly cost for healthcare for the contract position?