Need help solving this problem Determine the effective hourly cost, the total annual cost, and the labor burden markup for the Superintendent with the following wage and benefitinformation.WagesTotal hours worked during yearOvertime RatePaid vacationBonusAllowancesReimbursementSocial Security RateSocial Security LimitMedicareFUTA RateFUTA LimitsSUTA RateSUTA LimitWorker's Comp. RateGeneral Liability Rate401(k) Matching401(k) LimitHealth InsuranceUnion DuesConference65.00 $/hour2,620 hrs1.65 times135 hrs$270 per month$115 per monthupto $50 per month6.50 %$157,0001.45 %7.4%. 5.4% credit is received if SUTA is paid on time.$9,5006.75 %$13,500$0.52/$1000.60%$0.65 per $1.008.00% of wages$200/Month. Another $500 per month is deducted from employee's paycheck.$150/Month$3000 per year$1200 per yearTrainingHSAFSALFSADCA$270/Month$320/Month$50/Month$125/MonthAssumptions:Assume SUTA was paid on timeAssume employee has 2 tax dependentsAssume employee will make the best use of all health/benefit accounts.Assume employee will take the full advantage of retirement benefit.

AnswerExplanation:Step 1:Step 2: Step 3: Step 4:

Answered: Determine the effective hourly cost,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16EA: An employee and employer cost-share pension plan contributions and health insurance premium...

See similar textbooks

Similar questions

Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4, to solve. Employee MaritalStatus WithholdingAllowances Pay Period GrossEarnings CombinedWithholding Reese, S. M 4 Weekly $1,211 $
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
When determining the liability for compensated absences, the amount should be based on1. an average of the last three year's rates of pay when employees earn the right to the compensated absences.2. the current or future rates (if known) of pay expected to be paid when employees use compensated time.3. the PV (present value) of the amount expected to be paid in future periods.
An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.
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) $ 6,400.00 145.00 228.00 114.00 45.60 22.80 1,140.00 2,287.49 534.98 2,250.00 $ 13,167.87 38,000.00 $ 51,167.87 Employee Cost (Current) $ 960.00 145.00 0 0 0 0 2,280.00 2,287.49 534.98 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.
Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer's projected benefit obligation. Events 1. Interest cost. 2. Amortization of prior service cost. 3. A decrease in the average life expectancy of employees. 4. An increase in the average life expectancy of employees. 5. A plan amendment that increases benefits is made retroactive to prior years. 6. An increase in the actuary's assumed discount rate. 7. Cash contributions to the pension fund by the employer. 8. Benefits are paid to retired employees. 9. Service cost. 10. Return on plan assets during the year are lower than expected. 11. Return on plan assets during the year are higher than expected.
REQUIRED: Compute the employee benefit expense for the current year, net remeasurement loss for the current year, defined benefit cost and the amount of prepaid benefit cost that should be reported on December 31
Can you help with this question, please? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly Starr, P. MFJ N/A 1,929 weekly McNeil, S. S N/A 1,775 biweekly Harrison, W. HH N/A 2,580 semimonthly Smythe, M. HH N/A 5,380 monthly
Indicate by letter whether each of the events listed below increase (l), decreases (D), or has no effect (N) on an employer’s projected benefit obligation. Events Interest cost. ________ Amortization of prior service cost. ________ A decrease in the average life expectancy of employees. ________ An increase in the average life expectancy of employees. ________ A plan amendment that increases benefits is made retroactive to prior years. ________ An increase in the actuary’s assumed discount rate. ________ Cash contributions to the pension fund by the employer.…
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9
Prepare journal entry to record the employee benefit expense. Compute for the Fair Value Plan Asset (FVPA) as of December 31 and projected benefit obligation on December 31.
FICA defines all of the following as wages except: Group of answer choices Total cash tips of $15 received by a tipped employee in the month of May Standby payments First six months of sick pay Year-end bonuses Employee's social security taxes paid for by the employer

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS