AnswersSHS Alt Personal Finance - 2021Sources of Income

Employee Benefits Answers

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An employee has an annual salary of $48,700. They receive $1,530 in health insurance and $2,810 in paid time off per year. They drive their personal vehicle for work which costs them $500 per month, but the company reimburses them $0.53 per mile for the total work miles driven. If the employee drives 9,000 miles for work for the year, what will be their total employment compensation?

A
$43,130
B
$51,810
C
$57,810
D
$59,470
2
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Phillipe has two job offers as given below and really has no preference for either company. Compare the total compensations for the job offers and explain which job you think Phillipe should accept and why. Company A Gross pay $62,000 Medical insurance $3,400 Paid time off $8,000 Retirement $2,700 Job expenses $800 Company B Gross pay $60,000 25% of gross pay in employee benefits

Answer:

The total employment compensation for Company A is $75,300 and for Company B it is $75,000. If he chooses the job based on total employment compensation only, then he should choose Company A. Note that the $800 job expense is a reduction in the total compensation for Company A. Also, since there is only $300 difference in total compensation, he may want to choose based on other criteria, such as how many days vacation per year or how far it is to commute ot work.

3

An employee has an annual salary of $48,700. They receive $1,530 in health insurance and $2,810 in paid time off per year. They drive their personal vehicle for work which costs them $500 per month, but the company reimburses them $0.53 per mile for the total work miles driven. If the employee drives 9,000 miles for work for the year, what will be their total employment compensation?

A
$43,130
B
$51,810
C
$57,810
D
$59,470
4

Which of the following companies offers the greatest total employment compensation? Company ACompany BCompany CCompany DGross Pay$41,600$40,800$41,300$42,000Paid insurance$1,800$2,400$2,000$2,100Paid time off$3,700$3,100$2,800$2,900Job expenses$2,000$1,800$800$2,500

A
Company A
B
Company B
C
Company C
D
Company D
5

Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true about Padraig’s gross pay and total employee benefits?

A
His total employee benefits are 2.8% of his annual gross pay of $72,000.
B
His total employee benefits are 2.9% of his annual gross pay of $68,000.
C
His total employee benefits are 12.5% of his annual gross pay of $64,000.
D
His total employee benefits are 13.3% of his annual gross pay of $60,000.
6

Which of the following employees has the greatest total employee compensation?

A
Employee A: total job benefits $49,200 and total job expenses $300
B
Employee B: total job benefits $49,500 and total job expenses $500
C
Employee C: total job benefits $ 49,800 and total job expenses $700
D
Employee D: total job benefits $50,100 and total job expenses $900
7

KaiLynn has total job benefits of $41,000 per year in her sales job. She pays $63 each month for a cell phone for work. She is also required to purchase samples kits which cost $235 each. If KaiLynn paid for 4 samples kits last year, what was her total employment compensation?

A
$39,304
B
$40,060
C
$40,244
D
$42,696
8

Shaquil receives total employee benefits that are 13.5% of his gross annual pay. If Shaquil has a gross annual pay of $40,000, how much in total employee benefits does he receive?

A
$5.40
B
$54.00
C
$540.00
D
$5,400.00
9

KaiLynn has total job benefits of $41,000 per year in her sales job. She pays $63 each month for a cell phone for work. She is also required to purchase samples kits which cost $235 each. If KaiLynn paid for 4 samples kits last year, what was her total employment compensation?

A
$39,304
B
$40,060
C
$40,244
D
$42,696
10

Lakisha’s employer pays $2,150 in health insurance and $86 in life insurance per year. She also gets $3,520 in paid time off per year. Her monthly gross pay is $4,370. What are Lakisha’s total job benefits per year?

A
$5,756
B
$10,126
C
$52,440
D
$58,196
11

Phillipe has two job offers as given below and really has no preference for either company. Compare the total compensations for the job offers and explain which job you think Phillipe should accept and why. Company A Gross pay $62,000 Medical insurance $3,400 Paid time off $8,000 Retirement $2,700 Job expenses $800 Company B Gross pay $60,000 25% of gross pay in employee benefits

Answer:

Company A offers $75,300 in total compensation, compared with $75,000 from Company B. Phillipe should accept Company A because it provides $300 more total compensation.

12

Which of the following employees has the largest gross pay?

A
Employee A: Total employee benefits $1,500 Total job benefits $49,800
B
Employee B: Total employee benefits $1,050 Total job benefits $51,200
C
Employee C: Total employee benefits $1,000 Total job benefits $51,900
D
Employee D: Total employee benefits $3,000 Total job benefits $52,300 Please select the b
13

Describe how total job benefits and total employee compensation differ.

Answer:

Total job benefits are the employee’s gross pay plus the value of employer-provided benefits. Total employee compensation is the net value after subtracting job-related expenses, while adding any employer reimbursements when applicable.

14

Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true about Padraig’s gross pay and total employee benefits?

A
His total employee benefits are 2.8% of his annual gross pay of $72,000.
B
His total employee benefits are 2.9% of his annual gross pay of $68,000.
C
His total employee benefits are 12.5% of his annual gross pay of $64,000.
D
His total employee benefits are 13.3% of his annual gross pay of $60,000.
15

Which of the following employees has the largest gross pay?

A
Employee A: Total employee benefits $1,500 Total job benefits $49,800
B
Employee B: Total employee benefits $1,050 Total job benefits $51,200
C
Employee C: Total employee benefits $1,000 Total job benefits $51,900
D
Employee D: Total employee benefits $3,000 Total job benefits $52,300
16

Which of the following companies offers the greatest total employment compensation? Company ACompany BCompany CCompany DGross Pay$41,600$40,800$41,300$42,000Paid insurance$1,800$2,400$2,000$2,100Paid time off$3,700$3,100$2,800$2,900Job expenses$2,000$1,800$800$2,500

A
Company A
B
Company B
C
Company C
D
Company D
17

Which of the following employees has the greatest total employee compensation?

A
Employee A: total job benefits $49,200 and total job expenses $300
B
Employee B: total job benefits $49,500 and total job expenses $500
C
Employee C: total job benefits $ 49,800 and total job expenses $700
D
Employee D: total job benefits $50,100 and total job expenses $900

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