Final answer:
To calculate net income after taxes and nontaxable benefits, subtract tax and other deductions from gross income, then add nontaxable benefits. Without specific numbers, we cannot provide the exact net income; however, a hypothetical example results in a net income of $43,000.
Step-by-step explanation:
To calculate the net income for Job 1 after taxes and nontaxable benefits, you need to determine the initial gross income, subtract the tax amount as well as deductions such as social security and medicare, and then add any nontaxable benefits that are part of the compensation package. Since we don't have specific figures in the question, we cannot calculate the exact net income. However, I'll guide you through a hypothetical case:
- Suppose the gross income is $50,000.
- Calculate taxes: if the tax rate is 20%, then the tax amount is $50,000 × 0.2 = $10,000.
- Subtract taxes from the gross income to determine the after-tax income: $50,000 - $10,000 = $40,000.
- Assume non-taxable benefits are worth $3,000.
- Add the nontaxable benefits to the after-tax income: $40,000 + $3,000 = $43,000.
This means that in our hypothetical case, the net income would be $43,000.