Question

You work in the human resources department of your company helping new employees fill out the necessary paperwork to get their first paycheck. There are a number of decisions that employees must make when they complete this paperwork, including (1) which health insurance package to buy (this impacts how much money will be deducted each pay period to pay for the premium), (2) how much money to put in a flexible spe

Answer 1

Employees have to make decisions about health insurance packages and flexible spending accounts when completing paperwork for a new job. The amount of money deducted from each paycheck for health insurance depends on the chosen package. Flexible spending accounts allow employees to set aside pre-tax dollars for eligible expenses.

Step-by-step explanation:

When completing paperwork for a new job, employees have to make decisions regarding their health insurance package and flexible spending account contribution. Health insurance can be obtained through employment-based insurance, which is provided by the employer or union, or through direct purchase insurance, which is coverage bought directly from a private company. The amount of money deducted from each paycheck for health insurance depends on the premium of the chosen package. Additionally, employees have the option to contribute a certain amount of money to a flexible spending account, which allows them to set aside pre-tax dollars to pay for eligible expenses.

Answer 2

New employees need to make decisions about health insurance and flexible spending accounts when filling out paperwork for their first paycheck. Health insurance can be employment-based or direct-purchased, and the chosen option affects the amount deducted from each paycheck. Flexible spending accounts allow employees to set aside pre-tax money for medical expenses.

Step-by-step explanation:

When new employees fill out paperwork for their first paycheck, they need to make decisions about their health insurance package and flexible spending account, among other things. Health insurance options can be either employment-based or direct-purchase. Employment-based insurance is provided by the employer or union, while direct-purchase insurance is bought directly from a private company. The type of insurance chosen will impact how much money is deducted from each paycheck to pay for the premium.