wyatt earns $65,000 per year, receives 15 days pto, 6% retirement matching, and receives 60% employer…

wyatt earns $65,000 per year, receives 15 days pto, 6% retirement matching, and receives 60% employer - subsidized health insurance which totals $10,000. calculate the benefit rate.\n\n|employee benefits| |\n|--|--|\n|health insurance|60%|\n|fica|7.65%|\n|paid vacation (pto)|15 days|\n|retirement matching|6%|\n\nround to the nearest percentage point.

wyatt earns $65,000 per year, receives 15 days pto, 6% retirement matching, and receives 60% employer - subsidized health insurance which totals $10,000. calculate the benefit rate.\n\n|employee benefits| |\n|--|--|\n|health insurance|60%|\n|fica|7.65%|\n|paid vacation (pto)|15 days|\n|retirement matching|6%|\n\nround to the nearest percentage point.

Answer

Explanation:

Step1: Calculate cost of paid - vacation

The number of working days in a year is usually considered 260. The value of paid - vacation (PTO) is calculated as a fraction of the annual salary. The value of 15 days PTO out of 260 working days is $\frac{15}{260}\times65000$. $\frac{15}{260}\times65000 = 3750$

Step2: Calculate retirement - matching amount

The retirement - matching is 6% of the annual salary. So the retirement - matching amount is $0.06\times65000=3900$.

Step3: Calculate employer - subsidized health insurance amount

The employer - subsidized health insurance amount is given as $10000$.

Step4: Calculate total benefits

The total benefits are the sum of the value of PTO, retirement - matching amount, and employer - subsidized health insurance amount. $3750 + 3900+10000=17650$

Step5: Calculate benefit rate

The benefit rate is the total benefits divided by the annual salary, then multiplied by 100 to get a percentage. $\text{Benefit rate}=\frac{17650}{65000}\times 100\approx27.15%$ Rounding to the nearest percentage point, the benefit rate is 27%.

Answer:

27%