Your company hired a new pipe-fitter for the upcoming year. The company owner would like foryou to determine the hourly wage for this employee for upcoming jobs.What is the wage fully burdened wage hourly wage rate for the employee based upon the information below?• Base Wage Rate = $32.52/hour• 4 weeks of vacation, sick, and personal leave• Social Security = 6.2% on the first $132,900• Medicare = 1.45%•FUTA = 0.6% on the first $7,000SUTA 3.4% on the first $22,000• Workers' Compensation = $9.77 per $100• General Liability = 0.78%•Employer Paid Health Insurance = $600 per month• Retirement = 50% match on 7% of wages

The objective of the question is to calculate the fully burdened hourly wage rate for the new…

Answered: Your company hired a new pipe-fitter…

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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The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%
How much do the employer and employee pay for Medicare each monthly pay period for (a) Ana, (b) Roberto, (c) Maria, and (d) Jim? Employee Annual Salary Paid Monthly Employer Ana $250,000 Self Roberto $90,000 Johnson Manufacturing Maria $120,000 Johnson Manufacturing Jim $50,000 Self
Study the information provided below and calculate the hourly recovery tariff per hour (expressed inrands and cents) of Martha.INFORMATIONThe basic annual salary of Martha is R576 000. She is entitled to an annual bonus of 90% of her basic monthlysalary. Her employer contributes 8% of her basic salary to her pension fund. She works for 45 hours per week (fromMonday to Friday). She is entitled to 21 days paid vacation leave. There are 12 public holidays in the year (365days), 8 of which fall on weekdays.
:= Question 2.5 Homework Answered Crane Flight Services contributes $25 a week to Helen's retirement plan starting immediately. Assuming she works for Crane for another twenty-two years and the applicable discount rate is 4 3/4%. Given these assumptions, the value of this employee benefit today is closest to: (state your answer to 2 decimal places) Type your numeric answer and submit 177547.78 Answered - Incorrect 1 attempt left X H You are incorrect Resubmit Consumer Loans There are two broad categories of loans, commercial and consumer. We'll talk about the characteristics and features of commercial loans in the chapter on fixed income and interest rates, but we'll deal with consumer loans here. Most consumer loans are known as fully-amortizing loans, or level- pay loans. This means that each payment is the same for the life of the loan and that both principal and C
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.
indicate in the chart the number of insurable hours, the amount of insurable earnings and state which pay period they would be allocated to SCENARIO INSURABLE HOURS INSURABLE EARNINGS ALLOCATED TO WHICH PAY PERIOD? Maria is being paid out $630.00 in excess accrued vacation, the equivalent of 21.00 hours. Frank’s employment is being terminated; Oct.30 will be his last day worked. He has 80.00 hours accrued vacation worth $2,675.00 that will be paid to him on termination. Cathy took 75.00 hours vacation and was paid $1,500.00 in vacation pay.
Emily Tumbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental Insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits 3. Record the employer payroll taxes $1,900,000 95,000 38,000 13,300 6,650 488,500 7.65% 6.20% Record the necessary entry for…
Your employer uses a final pay benefit formula to determine retirement payments to its employees. The employee receives an annual benefit of 3% of her average salary during her last 5 years of service times her total years employed. If she has 25 years of total service and her average salary over her last 5 years was $75,000, calculate her annual retirement benefit.
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Edwards company just hired another employee Jane, the Edwards company provides supplemental retirement benefits to its employees realizing the insufficiency of the Social Security benefits or comfortable retirement life Edwards has asked you to perform the necessary computations pertaining to the retirement benefit for Gene. Jane’s current salary is $40,000. Jane will be entitled to the supplementary retirement benefits after 20 years of work the start of the 21st year The retirement plan will last for 25 years per company practices Jane will be granted with a year and salary increase of 2% per year effective January 1 of each year that she works the amount of annual retirement benefit is going to be 45% of James salary right before the start of the retirement and will be paid at the start of each year. Any invested funds for pension will earn 4% compounded annually, compute Jane’s annual retirement benefit. Assume James’s retirement benefit is $32,000 what amount must be on deposit…
6. Allison will need to take 12 weeks off without pay for medical reasons. Which federal act protects her job if she works for a company that has 50 or more employees? OFamily and Medical Leave Act OMand sory Retirement Act OSarbanes-Oxley Act OVocational Rehabilitation Act Untitled document..pdf PDF rch 耳 hp

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