Park Mischner owns Old Times Buttons, which employs six people. Park wants to perform a benefits analysis report for one of theemployees, Avery Bower, for the year. Avery's benefits package is as follows:Annual salary: $22,000401(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 monthDental insurance: $15 per monthRequired: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 CostsMedical insuranceCompany CostAvery's Cost$9,180.00 $2,760.00Dental insurance$490.00 $EA180.00Life insurance$EA170.00 $690.00AD&D$43.0069$0.00Short-term disability$430.00 $0.00Long-term disability$215.00 $690.00401(k)$880.00 $691,320.00Social Security$691,364.00 $691,364.00Medicare$69319.00 $319.00

Avery's Costs Calculation401(k) Contribution:Avery's contribution: 6% of $22,000 =…

Answered: Park Mischner owns Old Times Buttons,…

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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LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $270 per month. a. If LaMont receives one pass (worth $270) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $270 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
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