Park Mischner owns Old Times Buttons, which employs six people. Park wants to perform a benefits analysis report for one of the employees, Avery Bower, for the year. Avery's benefits package is as follows: Annual salary: $22,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent. Medical insurance deduction: $230 per month Dental insurance: $15 per month Required: Complete the following Benefits Analysis Report for Avery Bower for the year. Do not include FUTA and SUTA taxes. Note: Round your answers to 2 decimal places. Enter all amounts as positive values. Yearly Benefit Costs Medical insurance Company Cost Avery's Cost $ 9,180.00 $ 2,760.00 Dental insurance $ 490.00 $ EA 180.00 Life insurance $ EA 170.00 $ 69 0.00 AD&D $ 43.00 69 $ 0.00 Short-term disability $ 430.00 $ 0.00 Long-term disability $ 215.00 $ 69 0.00 401(k) $ 880.00 $ 69 1,320.00 Social Security $ 69 1,364.00 $ 69 1,364.00 Medicare $ 69 319.00 $ 319.00
Park Mischner owns Old Times Buttons, which employs six people. Park wants to perform a benefits analysis report for one of the employees, Avery Bower, for the year. Avery's benefits package is as follows: Annual salary: $22,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent. Medical insurance deduction: $230 per month Dental insurance: $15 per month Required: Complete the following Benefits Analysis Report for Avery Bower for the year. Do not include FUTA and SUTA taxes. Note: Round your answers to 2 decimal places. Enter all amounts as positive values. Yearly Benefit Costs Medical insurance Company Cost Avery's Cost $ 9,180.00 $ 2,760.00 Dental insurance $ 490.00 $ EA 180.00 Life insurance $ EA 170.00 $ 69 0.00 AD&D $ 43.00 69 $ 0.00 Short-term disability $ 430.00 $ 0.00 Long-term disability $ 215.00 $ 69 0.00 401(k) $ 880.00 $ 69 1,320.00 Social Security $ 69 1,364.00 $ 69 1,364.00 Medicare $ 69 319.00 $ 319.00
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 50P
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Question
Transcribed Image Text:Park Mischner owns Old Times Buttons, which employs six people. Park wants to perform a benefits analysis report for one of the
employees, Avery Bower, for the year. Avery's benefits package is as follows:
Annual salary: $22,000
401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent.
Medical insurance deduction: $230 per month
Dental insurance: $15 per month
Required:
Complete the following Benefits Analysis Report for Avery Bower for the year. Do not include FUTA and SUTA taxes.
Note: Round your answers to 2 decimal places. Enter all amounts as positive values.
Yearly Benefit Costs
Medical insurance
Company Cost
Avery's Cost
$
9,180.00 $
2,760.00
Dental insurance
$
490.00 $
EA
180.00
Life insurance
$
EA
170.00 $
69
0.00
AD&D
$
43.00
69
$
0.00
Short-term disability
$
430.00 $
0.00
Long-term disability
$
215.00 $
69
0.00
401(k)
$
880.00 $
69
1,320.00
Social Security
$
69
1,364.00 $
69
1,364.00
Medicare
$
69
319.00 $
319.00
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