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QUESTION 1 Introduction: In this exercise, you will compare your monthly outlays to your net income or takeahome pay. It is important to spend purposefully, save strategically. invest carefully and give wisely. You want to control your money, rather than having your money control you! Start now. The details of saving, investing. and managing credit card. student loans and other consumer debts are addressed in later exercises. First, start by identifying monthly income. For most people, determining monthly takeahome pay is easy. Simply look at what is deposited twice monthly in the bank account. For full time students, this can be tricky. Many students are not working full or part time. So let's simplify things. Let's consider a case study: Assume a newly hired teacher receives $40,000 in annual income. Use this information and the additional information provided below to determine the twice monthly net take-home pay. mom year we ayear Social Security and Medicare payroll deductions (7.65%) $3060 a year Using the information given, What is the net annual take-home pay? Make sure to factor out taxes and deductions from your gross annual income. (Enter numbers only, no dollar sign, comma, period, or cents. For example, ifyour answer is $1,000 then enter 1000 as your submission.) QUESTION 2 What is your monthly net take-home pay? Divide your net pay by i2. (Enter numbers only, no dollar Sign, comma, period, or cents.)