Many companies publish information about their benefits on their websites (search for benefits or HR, or look at current job postings which may describe the benefits).
If the information isn’t available there, it may be on other websites; we have access to an excellent . Actual employees describe working for firms, discuss the company and this frequently includes discussions of the benefits.
Include specific answers for each of the following parts for your submission:
Find a specific job you may want to apply for (include a copy of the job posting in your submission). If you have no idea what you want to do, assume that you want to work for Boeing in Oklahoma City and select one of the postings they currently have available
Estimate what the annual salary for this position will be (sometimes it isn’t published, you may have to makes assumptions).
Explain what the other benefits are, with a focus on any retirement benefits (do they offer a pension or 401(k), does the company contribute for you or match your contributions, etc.)
Calculate the federal and state taxes you’ll have to pay with that annual salary (you’ll have to look up the tax rates)
Calculate any other deductions that will apply (Social Security, Medicare, etc.) based on your annual salary (you’ll have to look these up). Calculate the annual amount of these deductions.
Starting with the annual Salary (step 2), subtract the annual state and federal taxes (step 4) and the other annual deductions (step 5). The remainder is your annual ‘take home pay’.
Divide your annual take home pay (step 6) by 12 to determine your monthly take home pay, which is the amount that will be deposited in your bank account each month.
How much of the monthly take home pay (step 7) can you contribute directly towards your retirement while leaving you enough to live on? And to what type of plan will you contribute these funds (401k, IRA, pension, etc.)? This amount is your monthly retirement contribution.
Multiply your monthly retirement contribution (step 8) by 12 to calculate your annual retirement contribution.
Are there any immediate monthly tax benefits of contributing to these plans? For example, 401k contributions reduce your taxable income. i.e., if you contribute $3,000 to a 401k you will not pay taxes on that $3,000 this year. At a tax rate of 22% that would save you ($3,000 x 22% = $660) $660 this year, or $55.00 per month. Calculate the dollar amount of this benefit (it may be $0.00).
Subtract the amount of your monthly retirement contributions (step 8) from your monthly take home pay (step 7), then add any (monthly) reduction in taxes (step 10). This is your take home pay AFTER contributing to your retirement plan.
Find the difference between your monthly take home pay (step 7) and your monthly take home pay AFTER contributing to your retirement plan (step 11). Multiply this by 12 and divide by 365. This is the daily difference in your take home pay after contributing to retirement.
Determine the annual amount of any contributions your employer makes towards your retirement (if any). These could be direct contributions made on your behalf or contributions matching what you’re contributing. For many employers this amount my be $0.00
Add your annual retirement contribution (step 9) to your employer retirement contribution (step 13). This is your total annual retirement contribution.
Divide your total annual retirement contribution (step 14) by 365 to determine your total daily retirement contribution.
How do your answers for step 12 and step 15 compare to one another and what does that difference represent? (hint: it’s something you should all want and should raise your hand for if I ask about)
How many years you will work before you retire?
Let’s assume that your retirement investments earn an average annual return of 7.8% (the average return of the S&P 500 over the last 70 years). Use 7.8% as your I/Y. Use your total annual retirement contribution (step 14) as the PMT. Use the number of years until retirement (step 17) as your N. Use your current retirement savings (likely $0) as your PV. Calculate the FV.
Explain how giving up the total daily retirement contribution (step 15) can turn into the wealth you’ll have accumulated at retirement (step 18). Does this seem like a good deal? Is this something you can really do?
Take the total annual retirement contribution (step 14) and multiply by the number of years you’re going to work (step 17). This is the total (not adjusted for time) of your retirement contributions. How does this compare to your final net worth (step 18). Why are they different? Does this seem like a good deal?
Do you want to pay more of your hard earned money in taxes to the government?
Do you like free money?
Will you start saving for your retirement before you even receive your first paycheck as you launch your career?
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code “Newclient” for a 15% Discount!
NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
The post many companies publish information about their benefits on their websites search for benefits or hr or look at current job postings which may describe the benefits 2 appeared first on The Nursing TermPaper.