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Employee Benefits pp. 430-432 13-3 SECTION. SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 2 of 16 13-3 Key Words to Know employee.

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Presentation on theme: "Employee Benefits pp. 430-432 13-3 SECTION. SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 2 of 16 13-3 Key Words to Know employee."— Presentation transcript:

1 Employee Benefits pp. 430-432 13-3 SECTION

2 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 2 of 16 13-3 Key Words to Know employee benefits (p. 430) Services offered by businesses to employees beyond salary, such as paid vacations, health insurance, and sick leave.

3 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 3 of 16 13-3 Rate of Benefits = Total Benefits Annual Gross Pay Formula

4 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 4 of 16 13-3 The personnel department of Commercial Credit Company is preparing annual reports on employee benefits. Tom Olly total annual benefits are what percent of his annual salary? Example 1

5 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 5 of 16 13-3 Tom Olly’s Annual salary: $41,340 Weekly salary: $795 Vacation: 2 weeks @ $795/week$1,590.00 Holiday: 8 days @ $159/day$1,272.00 Health insurance: 12 months @ $162.50/mo$1,950.00 Sick leave policy: 30 days @ $159/day$4,770.00 Unemployment insurance: 4.6% × $41,340$1,901.64 Social Security (FICA): 6.2% × $41,340$2,563.08 Medicare 1.45% × $41,340 $599.43 Total $14,646.15 Example 1 (cont.)

6 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 6 of 16 13-3 Step: Find the rate of benefits. Total Benefits ÷ Annual Gross Pay $14,646.15 ÷ $41,340.00 = 0.3542 or 35.4% Example 1 Answer

7 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 7 of 16 13-3 Compute the rate of employee benefits based on annual gross pay for Tam Olly (from Example 1) if he now receives 3 weeks of vacation. Everything else stays the same. Example 2

8 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 8 of 16 13-3 Find the total benefits. Amount for Week + Total Annual of Vacation Benefits $795.00 + $14,646.15 = $15,441.15 Example 2 Answer: Step 1

9 SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 9 of 16 13-3 Find the rate of benefits. Total Benefits ÷ Annual Gross Pay $15,441.15 ÷ $41,340.00 = 0.3735 or 37.4% Example 2 Answer: Step 2

10 431:1-15

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