Park Mischner owns Old Times Buttons, which employs thirteen people. Park wants to perform a benefits analysis report for one of theemployees, Arnold Bower, for the year. Arnold's benefits package is as follows:Annual salary: $34,000401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent employeeannual salary.Medical insurance deduction: $230 per monthDental insurance: $15 per monthRequired:Complete the following Benefits Analysis Report for Arnold Bower for the year. Do not include FUTA and SUTA taxes. (Round youranswers to 2 decimal places. Enter all amounts as positive values.)Yearly Benefit CostsMedical insuranceDental insuranceLife insuranceAD&DShort-term disabilityLong-term disability401(k)Social SecurityMedicareTuition reimbursementTotal yearly benefit costsArnold's annual salaryTotal value of Arnold's compensationCompany Cost Arnold's Cost18,840.001,120.00$$$$$$$380.00 $92.00$920.00 $460.00 $1,360.00 $0.000.000.000.000.00

Answer:- Here discuss about the benefits package which are available to the employees in the…

Answered: Park Mischner owns Old Times Buttons,…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 55P

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Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________
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 $…
Park Mischner owns Old Times Buttons, which employs twenty-four 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: $58,000 401(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: $15 per month Required: Complete the following Benefits Analysis Report for Arnold Bower for the year. Do not include FUTA and SUTA taxes. (Round your answers to 2 decimal places. Enter all amounts as positive values.) Yearly Benefit Costs Company Cost Arnold's Cost Medical insurance 2$ 34,020.00 Dental insurance $ 2,110.00 Life insurance $ 710.00 $ 0.00 AD&D 2$ 169.00 $ 0.00 Short-term disability $ 1,690.00 $ 0.00 Long-term disability 401(k) 2$ 845.00 2$ 0.00 Social Security Medicare Tuition reimbursement 2$ 2,320.00 $ 0.00 Total yearly benefit…
DealsToday offers its employees a defined contribution plan. The company matches employee contributions at 75% up to 8% of salary. Scott works for DealsToday, and he earns an annual salary of $69,495. Suppose Scott decides to contribute $150 per month to his retirement account. What is the total contribution to his retirement account each year?
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.)
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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 CostHealth insurance—single $ 5,000Health insurance—with spouse $ 8,000Health insurance—with spouse and dependents $ 11,000Dental and vision $ 1,500Dependent care—any specified amount up to $5,000 VariableAdoption benefits—any specified amount up to $5,000 VariableCash—any specified amount up to $15,000 plan benefit Variable401(k)—any specified amount up to $10,000 VariableFor 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 401Kb) Matt selects the single health insurance benefit, is reimbursed $5,000 for dependent care,…
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DSD Corp. has the following salary information for 3 employees: Employee Years Worked Avg. Salary last 3 years of service Career avg. salary Sheila 15 $45,000 $40,000 Jake Bobby 20 $150,000 $110,000 25 $325,000 $200,000 If relevant, the annual payout is 5%, and the annual benefit is $3,000 per year of service. Calculate the annual benefit for each employee assuming Final pay formula A. Employee Annual Benefit Sheila Jake Bobby $33,750 $125,000 $406,250 B. Employee Annual Benefit Sheila Jake Bobby O C. Employee Annual Benefit $33,750 $150,000 $407,250 Sheila Jake Bobby $43,750 $150,000 $406,250 D. Employee Annual Benefit Sheila $33,750 Jake Bobby $150,000 $406,250
DSD Corp. has the following salary information for an employee: Employee Years Worked Average Salary last 3 years of service Career average salary Sheila 28 $326,000 $131,000 If relevant, the annual payout is 9 percent, and the annual benefit is $7,000 per year of service, calculate the annual benefit for Sheila assuming the Flat Benefit Formula is used. (Do not round intermediate calculations. Round your answer to a whole number.)
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August is an employee at Ruby Investments, with an annual salary of $88,000, paid biweekly. August has the following fringe and voluntary benefits: W N W O Medical insurance: $490 per month 401(k): 3 percent of gross pay Flexible spending arrangement: $2,685 annually Charitable contributions: $65 per pay period Required: What is the total amount August contributes to fringe benefits and voluntary deductions annually? Medical insurance 401(k) Flexible spending arrangement Charitable contributions Total amount August contributes to fringe benefits and voluntary deductions annually

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