School is almost out for the summer and your parents say that it is time for you to get a job for the summer. No matter how much you try and convince your parents that your time would be much better spent sleeping until noon and then playing playstation until 2 am, they decide that you must get a job.
Reluctantly, you agree and interview several different companies looking to hire high school students for summer employment. After all of your interviews, two companies,the JOB U WANT CO. and the JOB U HATED CO., have decide to offer you a job. Based on the following information, you must decide which job you are going to accept.
Each company will hire you for the months of June 2003 and July 2003. Each company pays once a month on the last working day of the month.
So in June, you will be paid on the 30 th and in July you will be paid on the 31 st.
For each job, you will have to figure out your gross pay for each month and for the summer, as well as, your net pay for each month and for the summer. The tax brackets will be as follows:
| Tax Brackets | Percent |
| $0 - $20,000 | 0.1 |
| $20,001 - $40,000 | 0.15 |
| $40,001 - $60,0000 | 0.2 |
| $60,001 - $80,000 | 0.25 |
| $80,001 - $100,000 | 0.3 |
| over $100,000 | 0.5 |
JOB U WANT CO.
This company will work you monday - saturday from 8 am til 5 pm with a one hour lunch break. They pay a salary of $200,000 per month.
JOB U HATED CO.
This company will work you every day but sunday from 9 am til 5 pm with a 30 minute lunch break. They pay you based on the number of days that you work. They first day of work earns one penny and the pay for each day doubles until the end of the month. Each month the cycle starts over. For example, the first day of the month that you work; you earn a penny. The second day of the month that you work; you earn two pennies. The third day of the month that you work; you earn 4 pennies and so on.
| Day | Pay | Total Income |
| 1 | 0.01 | |
| 2 | 0.02 | 0.03 |
| 3 | 0.04 | 0.07 |
In a one page written pager, not including calculations, you must explain and support which job you are going to accept. Monetary issues must be part of the decision making process. Calcuations must be turned in and must include gross and net pay for each job for each month and for the entire summer.
Click here to see my spreadsheet.