vincent earns $60,000 per year, receives 15 days pto, 8% retirement matching, and receives 70% employer…

vincent earns $60,000 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\n|employee benefits| |\n|--|--|\n|health insurance|70%|\n|fica|7.65%|\n|paid vacation (pto)|15 days|\n|retirement matching|8%|\n\nround to the nearest percentage point.

vincent earns $60,000 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\n|employee benefits| |\n|--|--|\n|health insurance|70%|\n|fica|7.65%|\n|paid vacation (pto)|15 days|\n|retirement matching|8%|\n\nround to the nearest percentage point.

Answer

Explanation:

Step1: Calculate the value of PTO

Assume a 260 - working - day year. The value of PTO is $\frac{15}{260}\times60000=\frac{900000}{260}\approx3461.54$.

Step2: Calculate the value of retirement - matching

The value of 8% retirement - matching is $0.08\times60000 = 4800$.

Step3: Calculate the value of employer - subsidized health insurance

The employer - subsidized health insurance value is $0.7\times10000=7000$.

Step4: Calculate the total benefits

The total benefits are $3461.54 + 4800+7000=15261.54$.

Step5: Calculate the benefit rate

The benefit rate is $\frac{15261.54}{60000}\times100%\approx25.44%$. Rounding to the nearest percentage point, the benefit rate is 25%.

Answer:

25%