Money Talks Task

Name:________________________________

Date:_____________

You have graduated from UGA and have applied for three different jobs. Due to all of
excellent teaching you had from your high school math teacher, your future employers see
extreme potential in you. Thus, you are offered all three jobs. The jobs and corresponding
payment descriptions are below.

Textbook editor that gets paid a starting salary of $37,500 per year.
An online E-Learning representative that will work for an hourly wage of $26.50. You
will be scheduled full time at 8 hours a day for five days a week.
A textbook salesman that receives a 5% commission on all sales. On average, a salesman
sells $100,000 of textbooks per month.

1. Without performing any calculations pick one of the jobs and give at least one
sentence describing why you chose the job. (Remember your objective is to make the
most money!!)

2. Using the payment description of your job choice, fill in the annual gross income
section of the job summary section that pertains to your job. The annual gross income is
the amount of money you make a year prior to any taxes or expenses. Complete your
work below.

3. Now, fill in the monthly gross income. This will be the amount of money you will make
a month prior to any taxes or expenses. Complete your work below.

4. Now fill in the after-tax monthly income. This will be the monthly income that you will
earn after the following taxes are taken out. (Fill in the blanks then subtract!!)

Social Security Tax (6.2%): _______

Medicare (1.45%): ________

Federal Income Tax Estimate (15%): ________

Georgia State Income Tax Estimate (6%): _________

5. Benefits are another thing that should go into you future job choices. Things like health
insurance, vacation time, sick leave, retirement benefits, and life insurance are all
available benefits. Each position comes with different combinations of benefits described
below.

The editor position includes 10 days paid vacation and 5 paid sick days, company
paid health insurance, life insurance costing $35 a month, and a company paid
retirement plan.
The online E-Learning representative position includes 5 days paid vacation and 3
paid sick days, company paid health insurance, life insurance costing $35 a
month, and a retirement plan that cost 3% of your after tax income.
The textbook salesman position includes no paid vacation or sick days, company
paid health and life insurance, and a retirement plan that costs $400 a month.

6. Fill in the take home income section after identifying the costs of your chosen jobs
benefits and then subtracting them from your after-tax monthly income. Keep in mind
that your yearly plans are below:

You plan on taking 10 vacation days each year.

You average 3 sick days per year.
You will purchase life insurance and a retirement plan.

Vacation Days Cost: __________

Sick Days Cost: __________
Health Insurance Cost: __________
Life Insurance Cost: __________
Retirement Plan Cost: __________
7. You like to live a comfortable life and in order to maintain that comfort, you must take
home at least $3300 a month. Do you make enough money to maintain your lifestyle?

8. If you do not have enough money to maintain your lifestyle, pick some of the following
items to give up until you can afford to live. The monthly cost is in parenthesis.
a. Movie Channels ($30)
d. Eating Out ($200)

b. Cable Television ($65)

e. New Clothes/Shoes ($350)

c. Cell Phone ($75)

f. New Truck ($400)

Income/Job

Editor

The Basics

$37,500 Yearly Salary

Online E-Learning
Representative
$26.50 per hour

Textbook
Salesman
5% Commission
off of $100,000
monthly sales.

Annual Gross
Income
Monthly Gross
Income
After-Tax Monthly
Income
Take Home
Income
9. Did your job choice take home the most money? If so, write at least one sentence about
how you predicted correctly and at least one sentence about how you will spend your
money. If not, write at least one sentence about how your decision was wrong and at least
one sentence about how you will spend your money.

10. Are there any other factors besides money that you should consider when choosing
between these job offers? Explain your thinking.

11. Thinking about the two things discussed in questions 9 and 10, would you change your
choice if you could? Explain why or why not.