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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Employee Benefits pp SECTION

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 2 of 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.

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

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 4 of 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

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

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

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 3, Slide 7 of 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

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

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

431:1-15