LO 6-5, 6-6 Oak Cove Resorts has eight employees. The owner wants to perform a benefit analysis
Question:
LO 6-5, 6-6 Oak Cove Resorts has eight employees. The owner wants to perform a benefit analysis report for the year for one of its employees, Tristan Cassidy. Tristan’s benefits package is as follows:
Annual salary: $42,950 401(k) contribution: 8 percent of annual salary; the company match is half of the employee’s contribution, up to 5 percent of the employee’s annual salary.
Medical insurance deduction: $340 per month Dental insurance: $21 per month Complete the following Benefits Analysis Report for Tristan Cassidy for 2023.
Yearly Benefit Costs Company Cost Tristan’s Cost Medical insurance $9,600 $
Dental insurance 800 $
Life insurance 1,200 -0-
AD&D 125 -0-
Short-term disability 500 -0-
Long-term disability 250 -0-
401(k) $ $
Social Security $ $
Medicare $ $
Tuition reimbursement $2,500 -0-
Total yearly benefit costs $
Tristan’s annual salary $
Total value of Tristan’s compensation $
Step by Step Answer:
Payroll Accounting 2024
ISBN: 9781266832352
10th International Edition
Authors: Jeanette Landin, Paulette Schirmer