Vicky has 2 jobs offers for teaching. She just finished her Master’s Degree in mathematics education.
B. She can work at Central Tech College as a math instructor. She will be paid $900 for each credit hour she teaches. During the course of her first year of teaching, she would teach a total of 50 credit hours. The college expects she will work a minimum of 170 days (any less and the salary would be reduced) and 8 hours each day. At the college she will have to pay $3 per month for a life insurance policy of $25,000. Her health & dental or medical premiums are $85 per month. Finally, the company would require her to automatically invest $200 per month for retirement.
Given the Gross Monthly Income for the Central Tech job is $3750.00. Determine her net monthly income given the information above and Social Security she would need to pay is 6.2% of her gross income, Medicare at 1.2%, State Income Taxes at 5%, and Federal Income Tax at 14%.