Given the following information, determine the burdened hourly wage rate for an equipment operator. Assume the equipment operators take full advantage of the retirement benefit. Wage rate-S36.25 per hour Hours worked-50 hours per week for 40 weeks and 40 hours per week for nine weeks Vacation, holidays, and sick leave-three weeks at 40 hours per week Overtime-time-and-a-half for any hours over 40 per week Gas allowance-$100 per month Annual bonus-$750 • Social security-6.2 percent on the first S113,700 of wages • Medicare-1.45 percent of all wages • FUTA-0.6 percent on the first $7,000 of wages SUTA-2.5 percent on the first $22,000 of wages Worker's compensation insurance-S9.27 per S100.00 of wages General liability insurance-0.65 percent of wages Health insurance (company's portion)-S385 per month per employee • Retirement-S0.75 per S1.00 contributed by the employee on 6 percent of the employee's wages

Given the following information, determine the burdened hourly wage rate for an equipment operator. Assume the equipment operators take full advantage of the retirement benefit. Wage rate-S36.25 per hour Hours worked-50 hours per week for 40 weeks and 40 hours per week for nine weeks Vacation, holidays, and sick leave-three weeks at 40 hours per week Overtime-time-and-a-half for any hours over 40 per week Gas allowance-$100 per month Annual bonus-$750 • Social security-6.2 percent on the first S113,700 of wages • Medicare-1.45 percent of all wages • FUTA-0.6 percent on the first $7,000 of wages SUTA-2.5 percent on the first $22,000 of wages Worker's compensation insurance-S9.27 per S100.00 of wages General liability insurance-0.65 percent of wages Health insurance (company's portion)-S385 per month per employee • Retirement-S0.75 per S1.00 contributed by the employee on 6 percent of the employee's wages

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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Park Mischner owns Old Times Buttons, which employs 20 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: $35,650 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent employe 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. (Enter all amounts as positive values. Round your answers to 2 decimal places.) 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 Amold's annual salary Total value of Amold's compensation Company Cost Arnold's Cost 7,200.00 1,000.00 $ $ $ $ S S S 50.00 $ 500.00 $ 250.00 $…
Return to question Kal is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current beneft analysis is as follows Yearly Benefit Costs. Medical insurance Dental insurance Life insurance Short-term disability Long-term disability 401 kl Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of the employee's compensation Required: Compute the benefit analysis assuming: Company Cost Current $ 6,990.20 178.20 350.00 130.20 Employee Cost (Current) $1,015.00 178.20 72.00 36.20 996.96 1,600.00 3,645.20 3,645.29 852.53 852.53 2,508.30 $ 15,615.32 $ 75,615.82
Your part-time job pays you $175 per week. How much money would your parents need in anaccount paying 4.3% simple interest annually to equal your total yearly income from that part-time job?
You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Gross Annual Income for Job 2?What is the Gross Annual Income for Job 2? $54,080 $53,339.17 $48,000 $58,000 $54,080 $53,339.17 $48,000 $58,000
WHEN THE BAND CHANGES, THE EMPLOYEE DOES NOT CHANGE UNLESS HIS RATE NOW FALLS BELOW THE NEW MINIMUM You have the following wage band Housekeeper $ 11-12 The band is increased by 5% What are the new wage rates for the following: Housekeeper A 11.10 Housekeeper B 11.45 Housekeeper C 11.80
During its first year of operations, a company granted employees vacation privileges and pension rights estimated at a cost of $24,341 and $14,298. The vacations are expected to be taken in the next year and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year? a.$24,341 b.$14,298 c.$67,235 d.$38,639
Your client A1 Services Ply Ltd has 10 employees and has approached you for advice on the following transactions: a) Payment to an employee for an estimated cost of electricity used in his home workshop. The total amount paid during the Fringe Benefits Tax (FBT) year is $450. b) Loan to an employee at 1% interest. The employee used the loan as a deposit to buy a holiday home with the intention of renting it out. A loan of $45,000 was provided on the 1st of April 2023. c) Payment of an employee's medical bills for a recent heart scare. The total amount paid during the FBT year is $3,500. d) $150 gift card to all employees as a Christmas present e) Payment of Christmas party for all employees to attend, total cost $2,500 Additional Information Refresh the assessment to view updated details after you submit an attempt. I REQUIRED: Advise A1 Services Pty Ltd which of the above items will be subject to Fringe Benefits Tax and determine the taxable value of the benefit provided. Provide…
You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Gross Monthly Income ater Deductions for Job 1? $4,833.33 $4,613.33 $3,522.27 $3,342.27
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.
You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Monthly Take Home Pay for Job 1? $4,833.33 $4,613.33 $3,522.27 $3,342.27
Calculate net pay in the following example. Assume that FICA reate is 7.65%, FITW is 15% and the employee did not earn more than $50,000. Robert is paid $475 per week and makes a pretax contribution of $75 for medical insurance to his employer's flexible benefit plan. Do not include a dollar sign in your answer. Round to the nearest tenth.
2.35. You have started a job with an annual salary of $48,000. You will get the paycheck at the end of each month, and your deductions for taxes will be 34%. Using a discount rate of 0.8% per month, find the present value of the take home pay for the whole year.