henry earns $68,000 per year, receives 15 days pto, 8% retirement matching, and receives 70% employer…

henry earns $68,000 per year, receives 15 days pto, 8% retirement matching, and receives 70% employer - subsidized health insurance which totals $10,000. calculate the benefit rate.\n\nemployee benefits\nhealth insurance 70%\nfica 7.65%\npaid vacation (pto) 15 days\nretirement matching 8%\n\nround to the nearest percentage point.

henry earns $68,000 per year, receives 15 days pto, 8% retirement matching, and receives 70% employer - subsidized health insurance which totals $10,000. calculate the benefit rate.\n\nemployee benefits\nhealth insurance 70%\nfica 7.65%\npaid vacation (pto) 15 days\nretirement matching 8%\n\nround to the nearest percentage point.

Answer

Explanation:

Step1: Calculate value of PTO

Assume a 20 - work - day month and 12 months in a year, so 20×12 = 240 work - days in a year. The value of PTO as a percentage of salary is $\frac{15}{240}\times100%=6.25%$.

Step2: Calculate total benefits percentage

Add up the percentages of each benefit. Health insurance is 70% of $10,000, but we consider it as a cost to the employer. The percentages we need to sum are for PTO (6.25%), FICA (7.65%), and retirement matching (8%). So the total is $6.25%+7.65% + 8%=21.9%$.

Answer:

22%