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 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 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Company Cost (Current) $ 7,300.00 Employee Cost (Current) $ 1,095.00 190.00 190.00 384.00 0 192.00 0 76.80 0 38.40 960.00 1,920.00 3,888.33 909.37 ° 3,888.33 909.37 2,700.00 $ 16,638.90 64,000.00 $ 80,638.90 • 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. Yearly Benefit Costs Company Cost (New) Employee Cost (New) Medical insurance $ 8,395.00 $ 1,259.25 Dental insurance $ 218.50 $ 218.50 Life insurance $ 384.00 0 AD&D $ 192.00 0 Short-term disability $ 76.80 0 Long-term disability $ 38.40 0 401(k) $ 5,273.60 Social Security Medicare Tuition reimbursement $ 2,700.00 0 Total yearly benefit costs (employer) Employee's annual salary $ 65,920.00 The total value of the employee's compensation $ 65,920.00
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 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 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Company Cost (Current) $ 7,300.00 Employee Cost (Current) $ 1,095.00 190.00 190.00 384.00 0 192.00 0 76.80 0 38.40 960.00 1,920.00 3,888.33 909.37 ° 3,888.33 909.37 2,700.00 $ 16,638.90 64,000.00 $ 80,638.90 • 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. Yearly Benefit Costs Company Cost (New) Employee Cost (New) Medical insurance $ 8,395.00 $ 1,259.25 Dental insurance $ 218.50 $ 218.50 Life insurance $ 384.00 0 AD&D $ 192.00 0 Short-term disability $ 76.80 0 Long-term disability $ 38.40 0 401(k) $ 5,273.60 Social Security Medicare Tuition reimbursement $ 2,700.00 0 Total yearly benefit costs (employer) Employee's annual salary $ 65,920.00 The total value of the employee's compensation $ 65,920.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Transcribed Image Text: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
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
Required:
Compute the benefit analysis assuming:
3 percent increase in pay.
Company Cost
(Current)
$ 7,300.00
Employee Cost
(Current)
$ 1,095.00
190.00
190.00
384.00
0
192.00
0
76.80
0
38.40
960.00
1,920.00
3,888.33
909.37
°
3,888.33
909.37
2,700.00
$ 16,638.90
64,000.00
$ 80,638.90
• 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.
Yearly Benefit Costs
Company Cost
(New)
Employee Cost
(New)
Medical insurance
$
8,395.00 $
1,259.25
Dental insurance
$
218.50 $
218.50
Life insurance
$
384.00
0
AD&D
$
192.00
0
Short-term disability
$
76.80
0
Long-term disability
$
38.40
0
401(k)
$
5,273.60
Social Security
Medicare
Tuition reimbursement
$
2,700.00
0
Total yearly benefit costs (employer)
Employee's annual salary
$
65,920.00
The total value of the employee's compensation
$
65,920.00
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