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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Jewel Lyman is an employee in the office of Salvaggio & Wheelers, Attorneys at Law. She received the following benefits during 2018: Medical insurance: $250 per month . Commuter pass: $500 per year Employer-paid membership to Anytime Gym: $75 per year Dependent care assistance: $3,600 per year Required: What is the total taxable amount for Jewel's 2018 benefits? Answer is complete but not entirely correct. Total taxable amount $6750
A. Lois Lane Dela Cruz works in a corporation as an executive. She receives a basic monthly income of 84,690.00 and receives various benefits: laundry allowance of 5,000 every 2 months, travel allowance of 5,000.00 per month, clothing allowance of 7,500 per year, rice allowance of 4,000 per quarter, load allowance of 3,000 per month. The corporation gives 13th and 14h month pay plus education assistance amounting to 50,000 per year. Compute for the following: please show all necessary computations and make sure to label your answers a. How much is the total monthly income of Ms. Dela Cruz? b. How much is her monthly contribution to SSS, Philhealth, Pag-ibig? c. If her salary were to be given on a monthly basis, how much is her withholding tax? d. Additional information, aside from those mentioned above, records show that Ms. Dela Cruz also received additional benefits for the year amounting to 85,690.00. Compute for the annual tax that she should pay to the government: 1. How much is…
ABC operates a consignment shop where she sells clothes for women and children. The average number of consignments sold per month is 1,000. The average material cost and the selling price of each consignment are $8 and $20, respectively. The monthly fixed costs to run this business are given below: Rental cost: $750Utilities: $150Advertising: $35Insurance: $100Labor cost: $4,000 Using Excel spreadsheet / worksheet, determine Anna's profit. Attach excel solution.
Vivian plans to replace all four air-conditioners in her home. The total cost is $70,000. The loan instalment plan offered by the shop requires her to pay $10,000 cash as down payment and borrow the remaining balance. The loan will be repaid in 2 years, at a monthly flat rate of 0.8%. Vivian is required to pay $250 as administration fee for loan application. The administration fee is paid at the time of application with no refund. a. Required: i. Calculate the total interest cost and fee on Vivian's instalment plan. ii. Calculate the monthly repayment amount of the instalment plan. iii. Calculate the approximate annual percentage rate (APR).
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The Financial Statements of harry and Belinda Johnson Suggest Budgeting Problems Harry has worked at a medium-size interior design firm for five years and earns a salary of $4,080 per month. He also receives $3,000 in interest income once a year from a trust fund set up by his deceased father’s estate. Belinda earns a salary of $6,400 per month, and she has many job-related benefits including flexible benefits program, life insurance, health insurance, a 401(k) retirement program, workplace financial education, and a credit union. The Johnsons live in an old apartment located approximately halfway between their places of employment. However, their rent will increase by $100 a month in July. Harry drives about ten minutes to his job, and Belinda travels about 15 min- utes via public transportation to reach her downtown job. Harry and Belinda’s apartment is very nice, but small, and it is furnished primarily with furniture given to them by some of his friends. Soon after getting married,…
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You just graduated and started your new job. Your starting salary is $60,000/year. Your employer's 401(k) plan states that your employer will contribute 2% of your salary to your 401(k) regardless of whether you make any contributions or not - this is called a "non-elective contribution". They will also match your contributions, $1-for $1, up to 4% of your salary. Please answer the following questions: How much ($) will your employer contribute to your 401(k) per year if you make $0 contributions? (this is a non-elective contribution from your employer) $ 1200 What is the minimum amount ($) that you must contribute per year to get the maximum match from your employer? $2400 Assume that you make the minimum contribution to get the maximum match from your employer. What is the total amount ($) that will be contributed to your 401(k) for the year, including the employer's non-elective contribution, the employer's matching contribution, and your contribution? $ 6000 Assume that this annual…
Maxine, age 35, earns $200,000 annually from ABC Incorporated. ABC sponsors a SIMPLE, and matches all employee deferrals 100% up to a 3% contribution. What is the maximum employee deferral contribution to Maxine's SIMPLE account for this year? (a) $12,000. (b) $17,500. (c) $18,000. (d) $20,500. $12,500 is not an option!

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