Age and relationship of each member of the household: Ages as of 1/1/2022: Andy, Husband, 30;...

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Age and relationship of each member of the household: Ages as of 1/1/2022: Andy, Husband, 30; Heather, Wife, 24; Amy, daughter, 1 Highest education of Andy: B.S. Highest education of Heather: B.S. Andy is a Marketing Coordinator for a medium insurance administrator in Ohio. Heather is a Manager of Vendor Support for a private hospital in Ohio. Amy will go to college at the age of 18 Andy and Heather have wages of $41,000 and $41,000 per year in 2021. Assume their marginal tax rates are 12% for their federal income tax (based on filing as MFJ and the standard deduction) and 3% for their state income tax, plus 7.65% for the payroll tax. They have one child 1. What are the advantages of any fringe benefits offered to Andy and Heather for their jobs, compared to just having higher salaries? (8 points) 2. Based on the assigned readings in Chapters 13 and 14 in the Dalton textbook, what employer benefits should they want to consider? Carefully justify your answer. (12) points) List the major factors affecting retirement planning. (5 points) Age and relationship of each member of the household: Ages as of 1/1/2022: Andy, Husband, 30; Heather, Wife, 24; Amy, daughter, 1 Highest education of Andy: B.S. Highest education of Heather: B.S. Andy is a Marketing Coordinator for a medium insurance administrator in Ohio. Heather is a Manager of Vendor Support for a private hospital in Ohio. Amy will go to college at the age of 18 Andy and Heather have wages of $41,000 and $41,000 per year in 2021. Assume their marginal tax rates are 12% for their federal income tax (based on filing as MFJ and the standard deduction) and 3% for their state income tax, plus 7.65% for the payroll tax. They have one child 1. What are the advantages of any fringe benefits offered to Andy and Heather for their jobs, compared to just having higher salaries? (8 points) 2. Based on the assigned readings in Chapters 13 and 14 in the Dalton textbook, what employer benefits should they want to consider? Carefully justify your answer. (12) points) List the major factors affecting retirement planning. (5 points)

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Advantages of fringe benefits Tax advantages Some fringe benefits such as health insurance retirement plans and flexible spending accounts may be provided on a pretax basis This means that the money u... View the full answer