The figure calculated represents the total value of your employment benefits and includes the following components:
- Salary: The base income from your job.
- Employer Medical Premiums: The cost of medical insurance provided by the University.
- HSA Contribution: Contributions made by the University to your Health Savings Account.
- Employer Dental Premiums: The cost of dental insurance provided by the University.
- Employer Retirement Contributions: Contributions made by the University toward your retirement savings.
- Employer FICA Contributions (Social Security & Medicare): Payroll tax contributions made by the University.
- Employer Life & Disability & Workers Compensation: Coverage and contributions related to life insurance, disability insurance, and workers’ compensation provided by the University.
The calculator performs the calculation for you using this formula:
Total Compensation = Salary + Employer Medical Premiums + HSA Contribution + Employer Dental Premiums + Employer Retirement Contributions + Employer FICA Contributions (Social Security & Medicare) + Employer Life & Disability & Workers Compensation + Employer-Paid Base Compensation
By entering the values into the calculator, you can quickly determine your total compensation, providing valuable insights for assessing your overall employment benefits and financial planning.
Please note that this calculator is designed to help you assess your total compensation. However, it does not reflect your take-home salary after taxes. It provides insights into your pre-tax benefits and is a valuable tool for understanding the overall value of your employment package.