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- These are employee benefits (other than termination than termination benefits) which are payable after the completion of employment a. Short term b. Other long-term c. Share-based d. Post-employmentAn employer's obligation for post-retirement benefits that are expected to be provided to an employee must be fully accrued by the date the a. Benefits are utilized b. Employee is fully eligible for benefits c. Employee retires d. Benefits are paid5. The following are included in an employee benefits EXCEPT one. Vacation leave Sick leave Transportation allowance Shopping spree
- An option that makes your claim to retirement benefits contingent on how long you have worked for the company. a) Vesting b) Maturity c) Qualifying d) EntitlementWhen determining the liability for compensated absences, the amount should be based on1. an average of the last three year's rates of pay when employees earn the right to the compensated absences.2. the current or future rates (if known) of pay expected to be paid when employees use compensated time.3. the PV (present value) of the amount expected to be paid in future periods.Which of the following factors is least likely to affect the amount of retirement benefits under a defined benefit plan? * A. The employee's length of service B. The level of the employee's compensation C. The age of the retiring employee D. The amount of employer contributions to a fund.
- Which of the following compensation will be subject to graduated rates? a) Basic salary whether or not the employee is a minimum wage earner. b) Basic salary only if the employee is not a minimum wage earner. c) 13th month pay and other benefits not exceeding P90,000. d) Fringe benefits received by supervisory or managerial employeeIf an employee's income is reported based on the total amount received in a year, what basis is the employment income at? Question 1 options: a) Basic b) Accrual c) Cash d) NetCritical Thinking 6 - 2 (Algo) Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,800.00 $ 1,020.00 Dental insurance 165.00 165.00 Life insurance 354.00 0 AD&D 177.00 0 Short-term disability 70.80 0 Long - term disability 35.40 0 401(k) 885.00 1, 770.00 Social Security 3, 584.53 3, 584.53 Medicare 838.32 838.32 Tuition reimbursement 2,450.00 0 Total yearly benefit costs (employer) $ 15,360.05 Employee's annual salary 59,000.00 The total value of the employee's compensation $ 74,360.05 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.\
- a. Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: Feedback b. Use the wage bracket method to determine the amount of Sophie's withholding for the same period. Feedback c. Use the percentage method assuming Sophie completed a post-2019 Form W-4 and checked only the single box in Step 1(c). Feedback d. Use the wage bracket method using the same assumptions in part c of this question. %24Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the periodWhat is the journal entry for other post-employment benefits of the total obligation is $533,362.58? What would you do with the remainder and why?