Taxable and Nontaxable Fringe Benefits
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Taxable and Nontaxable Fringe Benefits
For this project, assume that you have a spouse and two dependents (they don’t have to be children) who rely on you for support. But whichever dependents you have, be sure to include their impact in your life financially. (For example, college costs for children, burial or long-term care costs for parents, etc.)
Create a dream job for yourself. The job does not need to make you rich, but it does need to support you and your family.
Decide on your compensation. Make sure it is reasonable for the position you have created for yourself. Look online if you are not sure what is reasonable for your chosen job. Your total compensation package should contain at least the following:
-Salary
-at least 3 Taxable Fringe Benefits
-at least 5 Nontaxable Fringe Benefits
Assume that any nontaxable fringe benefits are provided to you at the maximum amount.
For Taxable Fringes, determine the value, using reasonable assumptions or outside research.
Determine the amount of total compensation that results from your package, and the taxable income that results using the MFJ filing status, 2 dependents, and the standard deduction.
In addition, as a responsible adult, you need to start planning for retirement. Choose a work sponsored retirement vehicle, making sure that it goes with the occupation you have chosen, and maximize contributions to that plan. Explain your employer’s plan and how it works. In addition, choose a non-work-related retirement vehicle to invest in.
Plan to maximize your contributions, in every possible way (consider your spouse also). Consider the investment advantages and any tax consequences. What investments are you using: mutual funds, stocks, bonds? What is your rate of return on your investments? Again, research the subject and use reasonable rates to calculate your returns.
Predict how your retirement plan will provide for you in retirement. At what age can you retire, and what will be your estimated annual income? For how many years? Will you need a second job? If so, what will it be?
You all have the skills to do this, using the time value of money and present and future value of payments and/or annuities and lump sums. There are also retirement calculators online that you may utilize. If you do, be sure to cite the website.
REQUIRED:
-A clear list of all compensation on an annual basis (presented in a spreadsheet format). Be sure to total the compensation, and label each item as salary, taxable fringe, non-taxable fringe. In your narrative, tell me why you chose those particular items to be included in your compensation.
-A clearly stated plan for retirement investing, including amount per pay period invested, term in years, value in the end, and annual payments to you after retirement, and your age at retirement. Be sure to include retirement savings from work and non-work sources. Use realistic assumptions in your interest rate and investment horizon.
Include any other sums that you may receive to supplement your retirement, including social security. Document the formulas you used to arrive at your answer. Why did you choose the investments and methods you used?
-Who are your dependents? What is your age and your spouse’s age?
-If your dependents are children, are you planning for their college education costs, and how does that impact your retirement savings? How are you planning for their education? If your dependent is an aging parent, how are you coping with any medical bills?
-a list of all information sources
Be sure to answer all of the questions required for maximum points. Everyone can receive the maximum points for this assignment simply by being sure you answer each question and address each point.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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Taxable and Nontaxable Fringe Benefits
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