Bill Mason is considering two job offers. Job 1 pays a salary of $41,300 with $5,525 of nontaxable employee benefits. Job 2 pays a salary of

Question

Bill Mason is considering two job offers. Job 1 pays a salary of $41,300 with $5,525 of nontaxable employee benefits. Job 2 pays a salary of $40,400 and $7,125 of nontaxable benefits. Use a 25 percent tax rate.

Calculate the monetary value for both the jobs.

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Josie 2 weeks 2021-09-12T07:53:33+00:00 1 Answer 0

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    2021-09-12T07:54:42+00:00

    Answer:

    To Calculate the monetary value of both jobs, you would have to calculate the percent tax rate of each salary and add the nontaxable benefit after taxes.

    Step-by-step explanation:

    Reminder: since the 25% is a tax rate which we need to subtract from the salary, 75% would be what is left over from the salary after taxes.

    Job 1:   Job 1 pays a salary of $41,000 and $5,525 of nontaxable benefits. So we calculate the 75% that is left after taxes and add the benefits afterwards.

    (41,000 * 0.75) + 5,525 = 36,275

    So the monetary value of Job 1 would be $36,275

    Job 2: Job 2 pays a salary of $40,400 and $7,125 of nontaxable benefits. So we calculate the 75% that is left after taxes and add the benefits afterwards.

    (40,400*0.75) + 7,125 = 37,425

    So the monetary value of Job 2 would be $37,425

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