ian earns $62,000 per year, receives 15 days pto, 6% retirement matching, and receives 70% employer…

ian earns $62,000 per year, receives 15 days pto, 6% retirement matching, and receives 70% employer - subsidized health insurance which totals $10,000. calculate the benefit rate. employee benefits health insurance 70% fica 7.65% paid vacation (pto) 15 days retirement matching 6% round to the nearest percentage point.

ian earns $62,000 per year, receives 15 days pto, 6% retirement matching, and receives 70% employer - subsidized health insurance which totals $10,000. calculate the benefit rate. employee benefits health insurance 70% fica 7.65% paid vacation (pto) 15 days retirement matching 6% round to the nearest percentage point.

Answer

Explanation:

Step1: Calculate value of PTO

Assume a 260 - working - day year. PTO value as a percentage of salary is $\frac{15}{260}\times100\approx5.77%$.

Step2: Calculate value of health - insurance benefit

The employer - subsidized health insurance is $70%$ of $$10,000$. The value added to benefits is $0.7\times10000$. As a percentage of $$62000$ salary, it is $\frac{0.7\times10000}{62000}\times100\approx11.29%$.

Step3: Sum up all benefit percentages

Sum of PTO ($5.77%$), health - insurance ($11.29%$), FICA ($7.65%$), and retirement - matching ($6%$). $5.77 + 11.29+7.65 + 6=30.71%$.

Answer:

$31%$