Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

in Mikesell Chapter 3 - Question 3 What is the total salaries for all the positions listed in the Fire Department? 3. This table shows

in Mikesell Chapter 3 - Question 3

What is the total salaries for all the positions listed in the Fire Department?

image text in transcribed

3. This table shows the staffing and pay rates of the Marshall City Fire Department: Employee Grade Number in Grade Salary (in $) Chief 1 $125,000 Shift commander 3 $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 components

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Derivatives Markets

Authors: Rober L. Macdonald

4th edition

321543084, 978-0321543080

More Books

Students also viewed these Finance questions