The current tax rate paid by employees in a company on their income is 30 percent. Currently, the employer provides workers with a health insurance policy that is worth $3,000 per year. a. Assuming that the company has 1,000 workers, what is the indirect government subsidy for health insurance for workers in the company? b. Suppose that instead of providing the workers with health insurance as a fringe benefit, the employer sold them the policy for a $3,000 annual premium. How would this change affect the typical worker, assuming that he or she still wants $3,000 worth of insurance under the new arrangement?

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A: Total cost means the sum of all the expenditure. Total cost also means the sum of fixed cost and…

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A: Social benefits are the benefits which are given by the government to the persons of the country.…

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A: please like the answer your response matters Answer: Gross Annual income = $ 10,020  x 12 = $…

Q: An employee earned $61,700 during the year working for an employer. The FICA tax rate for Social…

A: The employee has earned $ 61700 during the year

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A: Following are the calculation of taxes:

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A: GAI = Gross Annual Income GMI = Gross Monthly Income ATM = After tax money

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A: FUTA: FUTA means the "Federal Unemployment Tax Act" which provides for the levy of tax on the wages…

Q: R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is subject to employer Social…

A: Workings:

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A: Given that, Larry earns $325 per week Curly earns $470 per week  Moe earns $575 per week The…

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a…

A: Payroll Taxes = FICA SS Tax + FICA Medicare Tax + FUTA Tax + SUTA Tax= 544.87+ 127.42 + 42 +…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Federal Unemployment Tax Act (FUTA): The federal unemployment tax is welfare scheme of a social…

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A: a) Years worked (n) = 27 Average salary (A) = $68000

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A: But half of the contribution were withheld from employee salary

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A: Formula to calculate  employee's annual FICA taxes amount:Employee's annual FICA taxes = Employee…

Q: HUM., Co. gave fringe benefits to employees as follows: To its Clerks and Janitors P 100,000 To its…

A: solution concept Fringe benefit to rank and file employee are not subject to fringe benefit tax…

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A: Workings: Given value: FICA rate is 6.2 %

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A: Amount withheld for Social Security=Social Security base amount×Social Security tax rate Amount…

Q: An appliance company has three installers. Larry earns $345 per week, Curly earns $420 per week, and…

A: SOLUTION-  IN THE GIVEN CASE , FIRST WE HAVE TO ASCERTAIN THE TOTAL WAGES OF THESE THREE INSTALLERS…

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A: Higher income earners are taxed at a higher rate under the federal income tax, which is based on a…

Q: What is the amount of child support that will be withheld from his paycheck?

A: Child supprot is the payment which need to be incurred as the amount maximum up to  50% of the…

Q: Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he…

A: Formula: Net pay = Gross pay - Total deductions

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A:

Q: Mike Samson is a college football coach making a base salary of $652,800 a year ($54,400 per month).…

A: Given information is: Mike Samson is a college football coach making a base salary of $652,800 a…

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A: Gross earnings is the income earned by an employee during the pay period which includes regular…

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A: Payroll: It can be defined as the total payment made by an employer to its employee.

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A: Salary: Its a compensation paid to the employees for providing their services to the company. It can…

Q: B. F. Goodson employs Eduardo Gonzales at a salary of $47,400 a year. Goodson is subject to employer…

A: Introduction: Salary: Salary is given to employees for rendering their services to the company.…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…

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A: In the given question we are provided with the following information: Salary od Ellen 40800 pa…

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A: FUTA stands for “Federal Unemployment tax Act” and SUTA stands for “State Unemployment tax Act.”…

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A: Cost of health insurance annually = $6,200 Marginal tax rate of employer = 21% = 0.21

Q: An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is…

A: Calculation of Net pay for the month of January is as follows:

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A: Answer : $6,846.92

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Q: 1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: During the first week of January, an employee works 50 hours. For this company, workers earn 150% of…

A: Pay rate is $20/hour. Standard number of hours to be worked in a week = 40 Standard pay = 40 x 20 =…

Q: Carolyne is paid $2,000.00 biweekly. This year, to date, she has earned $23,300.00. What will be the…

A: Payment of $2000 is done biweekly, which means paycheck is received biweekly. Calculation of total…

Q: An employee is paid a salary of $10,150 per month.  If the FICA rate is 6.2% on the first $118,500…

A: FICA tax = Salary x FICA tax rate = $10,150 x 6.2% = $629.30 Medicare tax payable = Gross payroll x…

Q: A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…

A: FICA tax: It can be defined as the federal payroll tax applied in the U.S.