vincent earns $65,000 per year, receives 10 days pto, 8% retirement matching, and receives 70% employer…

vincent earns $65,000 per year, receives 10 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) 10 days\nretirement matching 8%\n\nround to the nearest percentage point.

vincent earns $65,000 per year, receives 10 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) 10 days\nretirement matching 8%\n\nround to the nearest percentage point.

Answer

Explanation:

Step1: Calculate value of PTO

Assume a 260 - day work - year. PTO value as a percentage of salary is $\frac{10}{260}\times100\approx3.85%$.

Step2: Calculate total benefit rate

Add up the percentages of each benefit. Total benefit rate = PTO percentage+retirement - matching percentage+health - insurance percentage. Health - insurance percentage is 70% of the $10,000 cost, but we'll use the given percentages directly for simplicity. Total benefit rate = $3.85%+8% + 70%\times\frac{10000}{65000}+7.65%$. First, calculate $\frac{10000}{65000}\approx0.1538$, then $70%\times0.1538 = 0.7\times0.1538=0.1077$. Total benefit rate=$3.85 + 8+10.77+7.65 = 30.27%$.

Step3: Round the result

Rounding $30.27%$ to the nearest percentage point gives 30%.

Answer:

30%