Another 0.9% ($939 max) for CA SDI, $250 workers comp, and the employer probably has some sort of life & disability of their own as well, call it another $500. Payroll & benefits admin for $500. $12k health insurance contribution seems low, but I suppose population skews to 20s and single.

I do think 70% is about the best you can really do ($142k), but I agree 50% would be lavish. Throw in a regular dinner program, or some regular offsite meals & entertainment doesn't hurt. Since 274(e) expenses are fully deductible, IRS is basically paying for 35-40% of that annual picnic, holiday dinner, Caribbean retreat, etc. so it's smart for companies to shell out some real money for these outings.