htiman resource manager for ationål, å čéllulaär phone company with 800 employees. Top management has asked you to implement three additional fringe benefits that were negotiated with employee representatives and agreed upon by a majority of the employees. These include group term life insurance, a group legal services plan, and a wellness center. The life insurance is estimated to cost PHP260 per employee per quarter. The legal plan will cost PhP156 semiannually per employee. The company will contribute 40% to the life insurance premium and 75% to the cost of the legal services plan. The employees will pay the balance through payroll deductions from their biweekly paychecks. In addition, they will be charged 4% of their gross earnings per paycheck for maintaining the wellness center. The company will pay the initial cost of PHP500,000 to build the center. This expense will be spread over 5 years. a. What total amount should be deducted per paycheck for these new fringe benefits for an employee earning PHP41,600 per year? b. What is the total annual cost of the new fringe benefits to ABD International?

htiman resource manager for ationål, å čéllulaär phone company with 800 employees. Top management has asked you to implement three additional fringe benefits that were negotiated with employee representatives and agreed upon by a majority of the employees. These include group term life insurance, a group legal services plan, and a wellness center. The life insurance is estimated to cost PHP260 per employee per quarter. The legal plan will cost PhP156 semiannually per employee. The company will contribute 40% to the life insurance premium and 75% to the cost of the legal services plan. The employees will pay the balance through payroll deductions from their biweekly paychecks. In addition, they will be charged 4% of their gross earnings per paycheck for maintaining the wellness center. The company will pay the initial cost of PHP500,000 to build the center. This expense will be spread over 5 years. a. What total amount should be deducted per paycheck for these new fringe benefits for an employee earning PHP41,600 per year? b. What is the total annual cost of the new fringe benefits to ABD International?

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 71IIP

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You are the human resource manager for ABD International, a cellular phone company with 800 employees. Top management has asked you to implement three additional fringe benefits that were negotiated with employee representatives and agreed upon by a majority of the employees. These include group term life insurance, a group legal services plan, and a wellness center. The life insurance is estimated to cost PhP260 per employee per quarter. The legal plan will cost PhP156 semiannually per employee. The company will contribute 40% to the life insurance premium and 75% to the cost of the legal services plan. The employees will pay the balance through payroll deductions from their biweekly paychecks. In addition, they will be charged ¼% of their gross earnings per paycheck for maintaining the wellness center. The company will pay the initial cost of PhP500,000 to build the center. This expense will be spread over 5 years. a. What total amount should be deducted…
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Suppose you are the human resource manager for a cellular phone company with 700 employees. Top management has asked you to implement three additional fringe benefits that were negotiated with employee representatives and agreed upon by a majority of the employees. These include group term life insurance, a group legal services plan, and a wellness center. The life insurance is estimated to cost $780 per employee per quarter. The legal plan will cost $364 semiannually per employee. The company will contribute 40% to the life insurance premium and 75% to the cost of the legal services plan. The employees will pay the balance through payroll deductions from their biweekly paychecks. In addition, they will be charged 1 4 % of their gross earnings per paycheck for maintaining the wellness center. The company will pay the initial cost of $900,000 to build the center. This expense will be spread over 5 years. (a) What total amount should be deducted per paycheck for these new…
Suppose you are the human resource manager for a cellular phone company with 700 employees. Top management has asked you to implement three additional fringe benefits that were negotiated with employee representatives and agreed upon by a majority of the employees. These include group term life insurance, a group legal services plan, and a wellness center. The life insurance is estimated to cost $390 per employee per quarter. The legal plan will cost $468 semiannually per employee. The company will contribute 40% to the life insurance premium and 75% to the cost of the legal services plan. The employees will pay the balance through payroll deductions from their biweekly paychecks. In addition, they will be charged 1 4 % of their gross earnings per paycheck for maintaining the wellness center. The company will pay the initial cost of $900,000 to build the center. This expense will be spread over 5 years. (a) What total amount should be deducted per paycheck for these new…
Suppose you are the human resource manager for a cellular phone company with 600 employees. Top management has asked you to implement three additional fringe benefits that were negotiated with employee representatives and agreed upon by a majority of the employees. These include group term life insurance, a group legal services plan, and a wellness center.The life insurance is estimated to cost $520 per employee per quarter. The legal plan will cost $312 semiannually per employee. The company will contribute 40% to the life insurance premium and 75% to the cost of the legal services plan. The employees will pay the balance through payroll deductions from their biweekly paychecks. In addition, they will be charged 1/4% of their gross earnings per paycheck for maintaining the wellness center. The company will pay the initial cost of $800,000 to build the center. This expense will be spread over 5 years.(a)What total amount should be deducted per paycheck for these new fringe benefits…
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