Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.
Sagot :
To determine Wyatt's benefit rate, we'll break down each component of the benefits he receives, calculate their monetary value, and find the benefit rate. Let's go step-by-step.
### 1. Health Insurance
The total cost of health insurance is [tex]$10,000. Wyatt’s employer covers 60% of this cost. \[ 0.6 \times 10{,}000 = 6{,}000 \] So, the amount covered by the employer for health insurance is \$[/tex]6,000.
### 2. FICA (Federal Insurance Contributions Act)
FICA is 7.65% of Wyatt's salary. Wyatt’s annual salary is [tex]$65,000. \[ 0.0765 \times 65{,}000 = 4{,}972.5 \] So, the FICA contribution by the employer is \$[/tex]4,972.50.
### 3. Paid Time Off (PTO)
Wyatt receives 15 days of paid vacation. To find its value, we'll convert the days into a fraction of a year based on the number of working days in a year, which is approximately 260 days.
[tex]\[ \frac{15}{260} \times 65{,}000 = 3{,}750 \][/tex]
So, the value of PTO is \[tex]$3,750. ### 4. Retirement Matching The retirement matching is 6% of Wyatt's annual salary. \[ 0.06 \times 65{,}000 = 3{,}900 \] So, the retirement matching contribution is \$[/tex]3,900.
### 5. Total Benefit
Now, we'll sum up all these benefits to find the total benefit provided by the employer.
[tex]\[ 6{,}000 + 4{,}972.5 + 3{,}750 + 3{,}900 = 18{,}622.5 \][/tex]
So, the total benefit amount is \$18,622.50.
### 6. Benefit Rate
The benefit rate is calculated as the total benefit divided by the annual salary, expressed as a percentage.
[tex]\[ \left(\frac{18{,}622.5}{65{,}000}\right) \times 100 = 28.65\% \][/tex]
### 7. Rounding to Nearest Percentage Point
Finally, we round the benefit rate to the nearest whole number.
[tex]\[ 28.65\% \approx 29\% \][/tex]
Therefore, Wyatt's benefit rate is approximately [tex]\( \boxed{29\%} \)[/tex].
### 1. Health Insurance
The total cost of health insurance is [tex]$10,000. Wyatt’s employer covers 60% of this cost. \[ 0.6 \times 10{,}000 = 6{,}000 \] So, the amount covered by the employer for health insurance is \$[/tex]6,000.
### 2. FICA (Federal Insurance Contributions Act)
FICA is 7.65% of Wyatt's salary. Wyatt’s annual salary is [tex]$65,000. \[ 0.0765 \times 65{,}000 = 4{,}972.5 \] So, the FICA contribution by the employer is \$[/tex]4,972.50.
### 3. Paid Time Off (PTO)
Wyatt receives 15 days of paid vacation. To find its value, we'll convert the days into a fraction of a year based on the number of working days in a year, which is approximately 260 days.
[tex]\[ \frac{15}{260} \times 65{,}000 = 3{,}750 \][/tex]
So, the value of PTO is \[tex]$3,750. ### 4. Retirement Matching The retirement matching is 6% of Wyatt's annual salary. \[ 0.06 \times 65{,}000 = 3{,}900 \] So, the retirement matching contribution is \$[/tex]3,900.
### 5. Total Benefit
Now, we'll sum up all these benefits to find the total benefit provided by the employer.
[tex]\[ 6{,}000 + 4{,}972.5 + 3{,}750 + 3{,}900 = 18{,}622.5 \][/tex]
So, the total benefit amount is \$18,622.50.
### 6. Benefit Rate
The benefit rate is calculated as the total benefit divided by the annual salary, expressed as a percentage.
[tex]\[ \left(\frac{18{,}622.5}{65{,}000}\right) \times 100 = 28.65\% \][/tex]
### 7. Rounding to Nearest Percentage Point
Finally, we round the benefit rate to the nearest whole number.
[tex]\[ 28.65\% \approx 29\% \][/tex]
Therefore, Wyatt's benefit rate is approximately [tex]\( \boxed{29\%} \)[/tex].
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.