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:
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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 recognize: $5,000
Fresh must deduct: ???
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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,…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.)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 $…
- 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…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 periodPark 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 $…
- 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?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.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 15.60
- An 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%.In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.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