Clark Patrick owns Camel Customs, a company that restores vintage Ford Mustangs. He has eight employees. The company's medical and dental plan does not qualify under Section 125. Clark wants to perform a benefits analysis report for one of his employees, Gayle Rowe, for the year. Gayle’s benefits package is as follows: Annual Salary: $24,000 401(k) contribution: 3 percent of annual salary, company match is 50 percent of employee contribution Medical insurance deduction: $110 per month Dental Insurance: $12 per month Required: Complete the following Benefits Analysis Report for Gayle Rowe for the year. Do not include FUTA and SUTA taxes. (Enter all amounts as positive values.) Yearly Benefit Costs Company Cost Gayle’s Cost Medical insurance 6,180 Dental insurance 526 Life insurance 230 0 AD&D 57 0 Short-term disability 570 0 Long-term disability 285 0 401(k) Social Security Medicare Tuition reimbursement 2,300 0 Total yearly benefit costs Gayle’s annual salary Total value of Gayle’s compensation
Clark Patrick owns Camel Customs, a company that restores vintage Ford Mustangs. He has eight employees. The company's medical and dental plan does not qualify under Section 125. Clark wants to perform a benefits analysis report for one of his employees, Gayle Rowe, for the year. Gayle’s benefits package is as follows: Annual Salary: $24,000 401(k) contribution: 3 percent of annual salary, company match is 50 percent of employee contribution Medical insurance deduction: $110 per month Dental Insurance: $12 per month Required: Complete the following Benefits Analysis Report for Gayle Rowe for the year. Do not include FUTA and SUTA taxes. (Enter all amounts as positive values.) Yearly Benefit Costs Company Cost Gayle’s Cost Medical insurance 6,180 Dental insurance 526 Life insurance 230 0 AD&D 57 0 Short-term disability 570 0 Long-term disability 285 0 401(k) Social Security Medicare Tuition reimbursement 2,300 0 Total yearly benefit costs Gayle’s annual salary Total value of Gayle’s compensation
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section: Chapter Questions
Problem 1CP
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Clark Patrick owns Camel Customs, a company that restores vintage Ford Mustangs. He has eight employees. The company's medical and dental plan does not qualify under Section 125. Clark wants to perform a benefits analysis report for one of his employees, Gayle Rowe, for the year. Gayle’s benefits package is as follows:
Annual Salary: $24,000
401(k) contribution: 3 percent of annual salary, company match is 50 percent of employee contribution
Medical insurance deduction: $110 per month
Dental Insurance: $12 per month
Required:
Complete the following Benefits Analysis Report for Gayle Rowe for the year. Do not include FUTA and SUTA taxes. (Enter all amounts as positive values.)
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