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Job Offer Health Insurance

Job Offer Health Insurance - Evaluating Your Income and...

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8/16/2011 1 HACE 3110 Dr. Brenda J. Cude Evaluating Your Income and Employee Benefits (Focus on Health Insurance) Today’s Discussion y Estimating take-home pay y Required/optional deductions from your check; Occupation and location differences y Health insurance benefits y Terms y Plan choices y Costs y Do’s and don’t’s Evaluating Job Offers y Two types of factors: y Quantitative factors ¾ Salary, benefits, etc. y Q lit ti f t Qualitative factors ¾ Good work environment, enjoyable work, flexible schedule ¾ These are harder to compare than quantitative factors
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8/16/2011 2 Quantitative Factors y Numerical factors that include: y Salary -- Current and future When are you reviewed for an increase? What’s the basis for increases? What s the basis for increases? Signing bonus Relocation reimbursement Profit-sharing plans and commissions Estimating Your Salary y How much money will I make? y Salary calculator y How much money will I take home? y Continue the salary calculator to estimate take- home pay or go to www.paycheckcity.com . Estimating Your Take-Home Pay y What must come out of your check (involuntary deductions)? y Federal income tax deduction y State income tax deduction (exceptions by state) y Social Security deduction (FICA) y ______________
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8/16/2011 3 Estimating Your Take-Home Pay y What else may come out of your check? y Investments in your retirement fund (401(k) or 403(b)) and contributions to your l company’s pension plan y Deductions for insurance – health, life, disability y Payment for other items – parking, for example y Charitable contributions An Example (based on $29,000 annual salary) Gross Pay $2,409.19 Federal Withholding $443.72 Social Security $149.37 Medicare $34.93 Georgia Withholding $131.94 Net Pay $1,649.23 How Much Will You Have? y Some expenses will increase when you start your career y Disposable Income – Income after buying essentials – and some may be job-related such as memberships and clothing y Expenses will depend on where you live and can vary greatly by location y Cost calculator
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