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Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows:
Yearly Benefit Costs | Company Cost (Current) | Employee Cost (Current) | |
---|---|---|---|
Medical insurance | $ 7,100.00 | $ 1,065.00 | |
Dental insurance | 180.00 | 180.00 | |
Life insurance | 312.00 | 0 | |
AD&D | 156.00 | 0 | |
Short-term disability | 62.40 | 0 | |
Long-term disability | 31.20 | 0 | |
401(k) | 1,560.00 | 3,120.00 | |
Social Security | 3,146.81 | 3,146.81 | |
Medicare | 735.95 | 735.95 | |
Tuition reimbursement | 2,600.00 | 0 | |
Total yearly benefit costs (employer) | $ 15,884.36 | ||
Employees annual salary | 52,000.00 | ||
The total value of employees compensation | $ 67,884.36 |
Required:
Compute the benefit analysis assuming:
- 3 percent increase in pay.
- Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary.
- 15 percent increase in medical and dental insurance premiums.
(Round your answers to 2 decimal places.)
YEARLY BENEFIT COSTS | COMPANY COST (NEW) | EMPLOYEE COST (NEW) |
medical insurance | ||
dental insurance | ||
life insurance | ||
AD&D | ||
short-term disability | ||
Long-term disability | ||
401 (k) | ||
Social Security | ||
medicare | ||
Tuition Reimbursement | ||
Total yearly benefit costs (employer) | ||
Employee's annual salary | ||
The total value of employee's compensation |
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