Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Park Mischner owns Old Times Buttons, which employs twenty-five people. Park wants to perform a benefits analysis report for one of the employees, Arnold Bower,
Park Mischner owns Old Times Buttons, which employs twenty-five people. Park wants to perform a benefits analysis report for one of the employees, Arnold Bower, for the year. Arnold's benefits package is as follows: Annual salary: $60,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent employee annual salary. Medical insurance deduction: $230 per month Dental insurance: $15 per month Required: Complete the following Benefits Analysis Report for Arnold Bower for the year. Do not include FUTA and SUTA taxes. (Round your answers to 2 decimal places. Enter all amounts as positive values.) Yearly Benefit Costs Company Cost Arnold's Cost Medical insurance $ 35,400.00 Dental insurance $ 2,200.00 Life insurance $ 740.00 $ 0.00 AD&D $ 176.00 $ 0.00 Short-term disability $ 1,760.00 $ Long-term disability $ SS 0.00 880.00 $ 0.00 401(k) Social Security Medicare Tuition reimbursement $ 2,400.00 $ 0.00 Total yearly benefit costs Arnold's annual salary Total value of Arnold's compensation
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started