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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 67.20 33.60 840.00 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 3,402.25 795.69 2,300.00 $ 14,592.74 56,000.00 $ 70,592.74 $ 975.00 150.00 0 0 0 0 1,680.00 3,402.25 795.69 0

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 67.20 33.60 840.00 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 3,402.25 795.69 2,300.00 $ 14,592.74 56,000.00 $ 70,592.74 $ 975.00 150.00 0 0 0 0 1,680.00 3,402.25 795.69 0

CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter6: Business Expenses
Section: Chapter Questions
Problem 50P
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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 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. 7,260.00 S 170.50 X S 252.00 X 126.00 X 50.40 x 25.20 x 674.10 X S 2,786.28 $ 651.63 $ 2,350.00 x 14,346.11 X 44,940.00 X 59,286.11 $ 975.00 150.00 Employee Cost (New) 0 0 0 0 1,680.00 3,402.25 795.69 0 1,089.00 X 170.50 x 0 0 0 0 1,348.20 x 2,786.28 X 651.63 x 0
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: 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 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. 7,260.00 S 170.50 X S 252.00 X 126.00 X 50.40 x 25.20 x 674.10 X S 2,786.28 $ 651.63 $ 2,350.00 x 14,346.11 X 44,940.00 X 59,286.11 $ 975.00 150.00 Employee Cost (New) 0 0 0 0 1,680.00 3,402.25 795.69 0 1,089.00 X 170.50 x 0 0 0 0 1,348.20 x 2,786.28 X 651.63 x 0
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