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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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