Employee Information:

1. Staff Accountant Salary: 50,000
2. Bonus: 3% of annual salary
3. Paid Time-Off: 15 days per year
4. Public Holidays recognized: 11 days
5. Benefits:

1. Health Insurance Monthly Premium: $500 for individual, $800 for Employee & Children & $1100 for Family coverage. Mary selected Family coverage. The employer pays 100% for employee and 50% for dependent coverage.
2. Dental & Vision Insurance: Monthly Premium: $40 for individual, $60 for Employee & Children & $100 for Family coverage. Mary selected Family coverage. The employer pays 100% for employee and 50% for dependent coverage.
3. GAP Insurance: Monthly Premium: $50 for individual, $75 for Employee & Children & $100 for Family coverage. Mary selected Family coverage. Employers pay 100% for employees and 50% for dependent coverage.
4. Short-Term & Long-Term Disability: Short-Term rate: 1.2% of annual salary & Long-Term rate of 2% of annual salary. The employer pays 75%, Employee pays 25%
5. Group Life Insurance & ADD: Employers pay 100%. Rate 1% of total salary

6. Unemployment rate .85
7. Worker Comp rate: $0.68 per $100 of salary
8. Employer matches up to 4% of employees contribution; Marys contributes 5% to 401K.
9. Cell phone allowance: $500 annually
10. Tuition Reimbursement: $500 per course, up to 3 courses per year. Mary took 8 courses in 2019

Required:

Create a total compensation report: (75 Points)

1. Segregate the report into the following sections:

1. Earnings
2. Benefits

1. Discretionary Benefits
2. Statutory Benefits
3. Retirements
4. Other Company provided Benefits

2. Time off
3. Total Compensation Value
4. Include a pie chart showing the following:

1. Earned Income
2. Company-paid benefits
3. Time Off

PART #2: Questions:

1. What are some overall advantages and disadvantages for pursuing consumer-driven health-care options?
2. Should Classic Architects select a flexible spending account or a health savings account?
3. Describe three criteria of the 13 minimum standards on which qualification plan status is determined to qualify retirement plans for preferential tax treatment.
4. Are employees more likely to favor defined contribution plans over defined benefit plans? What about employers? Explain your answer.
5. Define the purpose of Medicare, and briefly contrast the two options an eligible person has for receiving Medicare benefits.
6. Explain the criteria that must be met before receiving unemployment insurance benefits.

Requirements:

• Use terms, evidence, and concepts from class readings, including professional business language.
• Cite at least 6 credible, academic, or professional sources for this assignment, outside of the textbook.