Park Mischner owns Old Times Buttons, which employs twelve people. Park wants to perform a benefits analysis
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Question:
Park Mischner owns Old Times Buttons, which employs twelve people. Park wants to perform a benefits analysis report for one of the employees, Arnold Bower, for the year. Arnold’s benefits package is as follows: Annual salary: $32,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent of the employee's annual salary. Medical insurance deduction: $230 per month Dental Insurance: $15 per month.
Required: Complete the following Benefits Analysis Report for Arnold Bower for the year. Do not include FUTA and SUTA taxes. (Round your answers to 2 decimal places. Enter all amounts as positive values.)
Yearly Benefit Costs | Company Cost | Arnold’s Cost |
Medical insurance | $17,460.00 | $2,760.00selected answer correct |
Dental Insurance | $1,030.00 | $180.00selected answer correct |
Life insurance | $350.00 | $0.00 |
AD&D | $85.00 | $0.00 |
Short-term disability | $850.00 | $0.00 |
Long-term disability | $425.00 | $0.00 |
401(k) | $1,280.00selected answer correct | $1,920.00selected answer correct |
Social Security | $0.00selected answer incorrect | $0.00selected answer incorrect |
Medicare | $0.00selected answer incorrect | $2,760.00selected answer incorrect |
Tuition reimbursement | $1,280.00 | $0.00 |
Total yearly benefit costs | not attempted | |
Arnold’s annual salary | $32,000.00selected answer correct | |
Total value of Arnold’s compensation | $7,620.00selected answer incorrect |
Related Book For
Payroll Accounting 2018
ISBN: 978-1259742514
4th edition
Authors: Jeanette Landin, Paulette Schirmer
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