Amy has received two offers from companies that she would like to work for. She has been given the following salary information: Company A: Total salary is $45,000 with two weeks' vacation a year, and medical benefits. Company B: Total salary is $35,000 with three weeks' vacation a year, medical benefits, and a matched fund 401K. Compare and contrast both offers looking at total compensation, which company offer would you recommend Amy take and why?
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- You have been hired as a benefit consultant by Jean Honore, the owner of Sweet Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $49,990; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37.190; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $20,900;…You have been hired as a benefit consultant by Jean Honore, the owner of Pina Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $51,900; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37,230; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $19,700;…:= Question 2.5 Homework Answered Crane Flight Services contributes $25 a week to Helen's retirement plan starting immediately. Assuming she works for Crane for another twenty-two years and the applicable discount rate is 4 3/4%. Given these assumptions, the value of this employee benefit today is closest to: (state your answer to 2 decimal places) Type your numeric answer and submit 177547.78 Answered - Incorrect 1 attempt left X H You are incorrect Resubmit Consumer Loans There are two broad categories of loans, commercial and consumer. We'll talk about the characteristics and features of commercial loans in the chapter on fixed income and interest rates, but we'll deal with consumer loans here. Most consumer loans are known as fully-amortizing loans, or level- pay loans. This means that each payment is the same for the life of the loan and that both principal and C
- Maria has a choice between two job offers. The first is in Ithaca and pays $55,000.00 annually. The second job is in Memphis and has a base pay of $45,000.00 with a 10.00% chance of earning an annual bonus of $20,000.00. In which city will Maria, a risk-neutral person, work if the selection is based only on earnings? Ithaca Part 2 ( Feedback See Hint Maria would be indifferent between these two offers if the probability of obtaining the bonus was 0.5 %. (Round to the nearest percent.)You are considering two job offers: a full-time permanent position that pays $65,000 annually and a full-time contract job that pays $35 per hour. What is the gross annual income, gross monthly income, and the after-tax monthly income for each job offer? Use the information for calculating income, taxes, and costs that Kafi used in the lesson (Social Security 6.2%, Medicare 1.45%, and Federal 15%). The contract job is self-employment, which is taxed an addition 7.65% of gross income. Job: Permanent Position Contract PositionIncome Information: $65,000 per year $72,800 per yearGross annual income: Gross monthly income:After-tax monthly:Fred Balm has agreed to work for the Cadenford Foundation at a total annual salary of $58,000. He is uncertain whether he should be paid bi-weekly or semi-monthly and has asked for your assistance. Calculate the typical deductions for CPP and El that must be taken from Fred's salary under either alternative. Will the choice affect the total El or CPP Fred pays during the year? Complete the table below. (Round your answers to the nearest cent.) Bi-weekly CPP = El = Semi-Monthly. CPP = El = Will the choice affect the total El or CPP Fred pays during the year? (Select the correct choice and, if necessary, fill in the answer boxes within your choice.) O A. No. The amount Fred pays is not affected because the total bi-weekly deductions per pay period multiplied by pay periods is approximately equal to the total semi-monthly deductions per pay period multiplied by pay periods. O B. Yes. The amount Fred pays is not affected because the total bi-weekly deductions per pay period multiplied by…
- Reese is comparing retirement plans with prospective employers. ABC, Inc., offering a salary of $58,000, will match 75 percent of his contributions up to 10 percent of his salary, his maximum contribution. XYZ company will match 100 percent of this contribution up to 6 percent of salary, but he can contribute up to 15 percent of his income. XYZ Company is offering a $54,000 salary. If Reese assumes that he will contribute the maximum amount allowed and keep these first-year retirement funds invested for 30 years with a 9 percent return, how much would each account be worth? ABC Total Contribution Choose... ABC Future Value of Contribution Choose... + XYZ Total Contribution XYZ Future Value of Contribution Choose... Choose... #Consider the following scenario in relation to your Notary, Loan Signing Agent and Marriage officiant practice in Hawaii and determine the opportunity cost of leaving your job to become an entrepreneur. You currently make $90,000 per year at your job plus benefits (equal to 30% of your salary). On January 1 of the New Year, you start your own business. After the first year, your accountant informs you that you made $45,000 and out of that you paid $6,000 for health insurance. What was your opportunity cost? If your opportunity cost is higher than you would like, how can you lower your opportunity cost in the future years?Allison is contemplating a job offer with an advertising agency where she will make $54 000 in her first year of employment. Alternatively, Allison can begin to work in her father's business where she will earn an annual salary of $38 000. If Allison decides to work with her father, the opportunity cost would be?
- Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows:Benefit CostHealth insurance—single $ 5,000Health insurance—with spouse $ 8,000Health insurance—with spouse and dependents $ 11,000Dental and vision $ 1,500Dependent care—any specified amount up to $5,000 VariableAdoption benefits—any specified amount up to $5,000 VariableCash—any specified amount up to $15,000 plan benefit Variable401(k)—any specified amount up to $10,000 VariableFor each of the following independent circumstances, determine the amount of income Matt must recognize and the amount of deduction Fresh may claim: (Leave no answer blank. Enter zero if applicable.)Problem 12-49 Part b (Static) a) Matt elects the single health insurance benefit and places 10,000 dollars in his 401Kb) Matt selects the single health insurance benefit, is reimbursed $5,000 for dependent care,…For each independent situation, determine the amount, if any that is includible in the gross income of the employee. The employee of a motel has the choice of free lodging on the premises (fair market value $400 per week) or extra cash compensation. He is not required to live on premises. He chooses the lodging. An employee arranges to have his annual bonus, $1,000, paid directly to his son. His objective is to make a wedding gift to the son. An employee earns a salary of $500 per week. Pursuant to a court order, $100 of his salary goes to his ex-wife for child support.Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: Round your answer to the nearest cent. a. What is the maximum that she can contribute into this retirement fund? $fill in the blank 1 b. What would be the company's contribution? $fill in the blank 2 Note: For items c. & d. below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be her weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $fill in the blank 3 d. What would be her weekly take-home pay without the retirement contribution deduction? $fill in the blank 4