Although the company has already established medical and retirement plan benefits, Toni Prevosti wants to consider other

Question:

Although the company has already established medical and retirement plan benefits, Toni Prevosti wants to consider other benefits to attract employees. As the company’s accountant, you have been tasked with annotating employee records with the benefit elections for each employee. The following sheet contains details of employee choices. Benefit-related payroll deductions will take effect on the first pay period in March.

                                                

Employee

Flex-time

Child care assistance (under $5,000 annually)

FSA (annual)

Education assistance ($4,000 annually)

Life insurance (at 1% of annual salary value)

Long-term care insurance $15 per period

Gym membership $15 per month

Millen

Yes

Yes

 $  500.00 

No

Yes

No

Yes

Towle

No

No

 $1,200.00 

Yes

No

No

Yes

Long

Yes

Yes

 $ 700.00 

Yes

Yes

No

Yes

Shangraw

Yes

No

 $ 200.00 

No

Yes

No

No

Lewis

No

No

 $1,600.00 

No

Yes

Yes

No

Schwartz

No

No

 $ 450.00 

Yes

Yes

No

Yes

Prevosti

Yes

No

 $ 900.00 

No

Yes

No

Yes

Student

No

No

 $ 300.00 

Yes

No

No

Yes


Annotate the Employee Earning Records with payroll-related benefit elections. The amount per pay period should be included in the record. As an example, if the employee elected to contribute $1,300 to his or her FSA, the period payroll deduction would be $1,300/26, or $50.

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Related Book For  book-img-for-question

Payroll Accounting 2019

ISBN: 978-1259917073

5th edition

Authors: Jeanette Landin, Paulette Schirmer

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