Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows: Benefit Cost Health insurance—single $ 5,000
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Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows:
Benefit Cost
Health insurance—single $ 5,000
Health insurance—with spouse $ 8,000
Health insurance—with spouse and dependents $ 11,000
Dental and vision $ 1,500
Dependent care—any specified amount up to $5,000 Variable
Adoption benefits—any specified amount up to $5,000 Variable
Cash—any specified amount up to $15,000 plan benefit Variable
401(k)—any specified amount up to $10,000 Variable
For each of the following independent circumstances, determine the amount of income Matt must recognize and the amount of deduction Fresh may claim: (Leave no answer blank. Enter zero if applicable.)
Problem 12-49 Part b (Static)
a) Matt elects the single health insurance benefit and places 10,000 dollars in his 401K
b) Matt selects the single health insurance benefit, is reimbursed $5,000 for dependent care, and takes the remainder in cash.
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- Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows: Benefit Cost Health insurance—single $ 5,000 Health insurance—with spouse $ 8,000 Health insurance—with spouse and dependents $ 11,000 Dental and vision $ 1,500 Dependent care—any specified amount up to $5,000 Variable Adoption benefits—any specified amount up to $5,000 Variable Cash—any specified amount up to $15,000 plan benefit Variable 401(k)—any specified amount up to $10,000 Variable For each of the following independent circumstances, determine the amount of income Matt must recognize and the amount of deduction Fresh may claim: (Leave no answer blank. Enter zero if applicable.) ANSWER IS NOT 5,250 or 5,000, or 0 for Fresh may deduct b. Matt selects the single health insurance benefit, is reimbursed $5,000 for dependent care, and takes the remainder in cash. Matt must…Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight'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 employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 8,000.00 120.00 300.00 150.00 60.00 30.00 750.00 3,018.16 705.86 $ 2,000.00 $ 15,134.02 50,000.00 $ 65,134.02 Employee Cost (Current) $ 1,200.00 120.00 0 0 0 0 1,500.00 3,018.16 705.86 0 • 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums. (Round your answers to 2 decimal places.)1. Chris Coupe is a receptionist for a doctors office. She has family medical coverage through a group medical plan. The annual cost of Chris' family coverage is $10,600. The company pays 85% of the cost. How much does she have deducted from her monthly paycheck for medical insurance? % the employee pays Insurance Cost to Employees Deduction per pay period
- Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Company Cost Employee Cost (Current) (Current) $ 6,500.00 150.00 336.00 168.00 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 employee's compensation Required: Compute the benefit analysis assuming: 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 employee's compensation 67.20 33.60 840.00 Answer is complete but not entirely correct. Company Cost (New) $ $ $ $ $ $ $ $ $ $ $ $ 3,402.25 795.69 2,300.00 $14,592.74 56,000.00 $ 70,592.74 |$ • 3 percent…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 $…Ari Friedman is an employee at Ruby Investments, with an annual salary of $92,500, paid biweekly. Ari has the following fringe and voluntary benefits. • Medical insurance: $400 per month . 401(k): 3 percent of gross pay • Flexible spending arrangement $2,550 annually . Charitable contributions: $65 per pay period Required: What is the total amount Ari contributes to fringe benefits and voluntary deductions annually? Medical insurance 401(k) Flexible spending arrangement Charitable contribution Total amount Ari contributes to fringe benefits and voluntary deductions
- Park Mischner owns Old Times Buttons, which employs thirteen 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: $34,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent employee 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. (Round your answers to 2 decimal places. Enter all amounts as positive values.) 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 Arnold's annual salary Total value of Arnold's compensation Company Cost Arnold's Cost 18,840.00 1,120.00 $ $ $ $ $ $ $ 380.00 $ 92.00 $…Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Company Cost (Current) Employee Cost (Current) $ 6,600.00 $ 990.00 155.00 155.00 342.00 171.00 68.40 34.20 855.00 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 employee's compensation Required: Compute the benefit analysis assuming: 3,463.01 809.90 2,350.00 $14,848.51 57,000.00 $ 71,848.51 0 0 0 0 1,710.00 3,463.01 809.90 0 • 3 percent increase in pay. • Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.Stockton Labeling Company has a retiree health care plan. Employees become fully eligible for benefits after working for the company eight years. Stockton hired Misty Newburn on January 1, 2021. As of the end of 2021, the actuary estimates the total net cost of providing health care benefits to Newburn during her retirement years to have a present value of $15,000. The actuary’s discount rate is 10%. Required:Prepare a schedule that shows the EPBO, the APBO, the service cost, the interest cost, and the postretirement benefit expense for each of the years 2021-2028. (Due to rounding 2020 EPBO may not equal to total total expense. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
- Welcome Care, a senior citizen day-care center, pays the major portion of its employees' medical insurance. An employee who selects coverage for him/her self and spouse must pay $163 each semimonthly paycheck. An Activities Director is hired at a semimonthly salary of $1750. Blank #1: Find the percentage method income for the Activities Director's semimonthly gross earnings of $1750. They are married with one withholding allowance on their W-4. Answer with units. One Withholding Allowance S 77.90 155.80 168.80 Payroll Perlod Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annualy Daily or miscellaneous (each day of the payroll period) 337.50 1.012.50 2,025.00 4.050.00 15.60An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization. A. What would be the employees total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260? B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employees charitable donation of 1%.Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.