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You are employed in a position that pays an annual salary of $100,000 in 2022 . Other information about your pay and the costs to
You are employed in a position that pays an annual salary of $100,000 in 2022 . Other information about your pay and the costs to your employer include the following: - Income taxes withheld total $20,000 - Your entire salary is subject to the FICA tax rate of 7.65% - Your employer offers to match your contributions to a 401k play up to 5% of your salary. You decide to have the 5% withheld from your pay, and your employer matches as promised. - Your health insurance has a total annual cost of $15,000. Your contract stipulates that you must pay 20% of the health insurance through a payroll deduction and the employer pays 80%. - Unemployment taxes of 5% on the first $30,000 of your salary must be paid. What is the total cost of your employment to the employer - i.e. total payroll, payroll taxes and benefits expenses
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