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Hello, I am solving the following problem for a course on government budgeting (please see below screenshot). The amount that I computed for Medicare was
Hello,
I am solving the following problem for a course on government budgeting (please see below screenshot).
- The amount that I computed for Medicare was $28,101 (and $460,897 total) but another student got another answer - $28,753.50. Which is the correct amount? How do you compute that?
Thank you very much!
3. This table shows the staffing and pay rates of the Marshall City Fire Department Employee Grade Number in Grade Salary (in $) Chief $125,000 Shift commander $90,000 Firefighter 1 12 $49,000 Firefighter 2 26 $35,000 Clerical (part-time) 3 $15,000 The city is part of the federal Social Security system. The city and the employee each pay Social Security payroll taxes of 6.2 percent of all salary paid up to $118,500 per employee to finance federal retirement and disability insurance and 1.45 percent of all salary paid to finance Medicare. The city pays a portion of the cost of health insurance for each full-time employee, an amount equal to $180 per month. Employees are part of a pension system financed by a city payment of 20 percent of the employee's salary and an employee payment of 5 percent of the employee's salary. Full-time employees receive an allowance for uniforms of $750 per year. Estimate the city's full cost of fire department labor during the fiscal year, assuming no change in staffing. Separate that cost into salary and fringe-benefit componentsStep by Step Solution
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