Choosing the job is about business.
For this project, assume that you have a spouse and two dependents (they don’t have to be children) who rely on you for support.But whichever dependents you have, be sure to include their impact in your life financially. (For example, college costs for children, burial or long term care costs for parents, etc.)
Create a dream job for yourself. The job does not need to make you rich, but it does need to support you and your family.
Decide on your compensation. Make sure it is reasonable for the position you have created for yourself. Look online if you are not sure what is reasonable for your chosen job. Your total compensation package should contain at least the following:
-at least 3 Taxable Fringe Benefits
-at least 5 Non taxable Fringe Benefits
Assume that any nontaxable fringe benefits are provided to you at the maximum amount.
For Taxable Fringes, determine the value, using reasonable assumptions or outside research.
Determine the amount of total compensation that results from your package, and the taxable income that results using the MFJ filing status, 2 dependents, and the standard deduction.
In addition, as a responsible adult, you need to start planning for retirement. Choose a work sponsored retirement vehicle, making sure that it goes with the occupation you have chosen, and maximize contributions to that plan. Explain your employer’s plan and how it works. In addition, choose a non work related retirement vehicle to invest in. Plan to maximize your contributions, in every possible way (consider your spouse also). Consider the investment advantages and any tax consequences. What investments are you using: mutual funds, stocks, bonds? What is your rate of return on your investments? Again, research the subject and use reasonable rates to calculate your returns. Predict how your retirement plan will provide for you in retirement. At what age can you retire, and what will be your estimated annual income? For how many years? Will you need a second job? If so, what will it be? You all have the skills to do this, using the time value of money and present and future value of payments and/or annuities and lump sums. There are also retirement calculators online that you may utilize. If you do, be sure to cite the website.
-A clear list of all compensation on an annual basis (presented in a spreadsheet format). Be sure to total the compensation, and label each item as salary, taxable fringe, non taxable fringe. In your narrative, tell me why you chose those particular items to be included in your compensation.
-A clearly stated plan for retirement investing, including amount per pay period invested, term in years, value in the end, and annual payments to you after retirement, and your age at retirement. Be sure to include retirement savings from work and non work sources. Use realistic assumptions in your interest rate and investment horizon. Include any other sums that you may receive to supplement your retirement, including social security. Document the formulas you used to arrive at your answer.Why did you choose the investments and methods you used?
-Who are your dependents? What is your age and your spouse’s age?
-If your dependents are children, are you planning for their college education costs, and how does that impact your retirement savings? How are you planning for their education? If your dependent is an aging parent, how are you coping with any medical bills?
-a list of all information sources
Be sure to answer all of the questions required for maximum points. Everyone can receive the maximum points for this assignment simply by being sure you answer each question and address each point.
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