Critical 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.
Critical 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Critical 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.\](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b46e199-2dab-4799-9e32-ba25d5899a48%2F63182163-9af9-40ad-8768-14c522f5d073%2Fluu8qu_processed.png&w=3840&q=75)
Transcribed Image Text:Critical 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.\
![Assessment Tool iFrame
Yearly Benefit Costs
Medical insurance
Dental insurance
Life insurance
AD&D
Short-term disability
Long-term disability
401(k)
Social Security
Medicare
Tuition reimbursement
Total yearly benefit costs (employer)
Employee's annual salary
The total value of the employee's compensation
Company Cost
(New)
0.00
Employee Cost
(New)
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b46e199-2dab-4799-9e32-ba25d5899a48%2F63182163-9af9-40ad-8768-14c522f5d073%2Fjoswytp_processed.png&w=3840&q=75)
Transcribed Image Text:Assessment Tool iFrame
Yearly Benefit Costs
Medical insurance
Dental insurance
Life insurance
AD&D
Short-term disability
Long-term disability
401(k)
Social Security
Medicare
Tuition reimbursement
Total yearly benefit costs (employer)
Employee's annual salary
The total value of the employee's compensation
Company Cost
(New)
0.00
Employee Cost
(New)
0
0
0
0
0
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