Ari Friedman is an employee at Ruby Investments, with an annual salary of $92,500, paid biweekly. Ari has the following fringe andvoluntary benefits.• Medical insurance: $400 per month.401(k): 3 percent of gross pay• Flexible spending arrangement $2,550 annually.Charitable contributions: $65 per pay periodRequired:What is the total amount Ari contributes to fringe benefits and voluntary deductions annually?Medical insurance401(k)Flexible spending arrangementCharitable contributionTotal amount Ari contributes to fringe benefits and voluntary deductions

Fringe benefits are extra perks or advantages that an employee receives from their employer in…

Answered: Ari Friedman is an employee at Ruby…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vicky Le, an employee of Sweet Shoppe Industries, receives a bonus of $3,700 for her stellar work. Her boss wants Vicky to receive $3,700 on the check. She contributes 3 percent of her pay in a pre-tax deduction to her 401(k).Required:Calculate the gross pay amount that would result in $3,700 paid to Vicky. (The tax rate on bonuses is 22 percent. Social Security (6.2%) and Medicare taxes (1.45%) must be added to this rate.) (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
An employee earned $43,300 working for an employer in the current year. The current rate for Federal Insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137,700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multiple Choice O $7.221.60 $3,312.45 $10,534.05 $2.684 60
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Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee’s cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below.Wages and salaries $1,500,000Employee contribution to voluntary retirement plan 63,000Medical insurance premiums paid by employer 31,500Life insurance premiums paid by employer 6,000Federal and state income tax withheld 375,000Social Security tax rate 6.20%Medicare tax rate 1.45%Federal and state unemployment tax rate…
Study the information provided below and calculate the hourly recovery tariff per hour (expressed inrands and cents) of Martha.INFORMATIONThe basic annual salary of Martha is R576 000. She is entitled to an annual bonus of 90% of her basic monthlysalary. Her employer contributes 8% of her basic salary to her pension fund. She works for 45 hours per week (fromMonday to Friday). She is entitled to 21 days paid vacation leave. There are 12 public holidays in the year (365days), 8 of which fall on weekdays.
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Christine Boone is an employee at Americamp Vehicles. She earns a salary of $35,450 annually, paid biweekly. She contributes to the following fringes benefits and other deducations: Medical insurance: $108 per pay period Dental insurance: $29 per pay period 401(k): 5% of gross pay Union dues: $114 per month Additional withholding: $89 per month Required: What is the total annual amount of Christine's fringe benefits and other deductions? Round your answer to 2 decimal places. Medical insurance dental insurance 401(k) union dues additional withholding Total amount of Christine's fringe benefits and other deducations
Total Cost of Empleyee R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Lopez's salary. In addition, Kegen must pey SUTA tax et a rate of 5.4% and FUTA tax at a rate of 0.0% on the first $7,000 uf Lopez's salary. Compute the total cost to Kagen of emplaying Lopez for the year.
oters 7-9) A Saved Pat Maninen earns a gross salary of $4,400 each week. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blahk - be certain to enter "O" wherever required.) Social Security Medicare Mc Graw Hill DII 23 %24 % 6. 8. 2 3 4. r y e a m
Shiloh is an employee at Jankoski Cycles and earns an annual salary of $37,765, paid semimonthly. Shiloh contributes to the following fringe benefits and other deductions: Medical insurance: $220 per pay period Dental insurance: $15 per pay period 401(k): 6 percent of gross pay • Additional withholding: $125 per month Required: What is the total annual amount of Shiloh's fringe benefits and other deductions? Note: Round your answers to 2 decimal places. Fringe benefits Medical insurance Dental insurance 401(k) Additional withholding Total annual amount of Shiloh's fringe benefits and other deductions Amount

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