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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 $ 7,700.00 $ 1,155.00
Dental insurance 210.00 210.00
Life insurance 384.00 0
AD&D 192.00 0
Short-term disability 76.80 0
Long-term disability 38.40 0
401(k) 1,920.00 3,840.00
Social Security 3,883.37 3,883.37
Medicare 908.21 908.21
Tuition reimbursement 2,900.00 0
Total yearly benefit costs (employer) $ 18,212.78
Employees annual salary 64,000.00
The total value of employees compensation $ 82,212.78

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.

I can not figure the formula out for social security or medicare. like how do i plug in my numbers. as well as i do not know what to do with the 401K

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