Victor works as a manager of a clothing store. He is paid an annual salary of $55,000. As part of his employee benefits, he receives private health insurance and his company contributes a small amount each month to a pension plan in his name. The company also pays taxes for Social Security and unemployment insurance. When considering the compensation of employees category of the income approach to GDP, which of the following lists includes the correct components of Victor's compensation?

Question

Quizplus · Accepted Answer

Victor's compensation includes his salary, health insurance, pension plan contribution, Social Security taxes, and unemployment insurance taxes. All of these components are paid by the company on his behalf and are considered part of his total compensation.

Victor Works as a Manager of a Clothing Store