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Can someone please help me with the steps to solving the below problem? Labor Burden Practice problem Calculate the following 1. Total cost of employee
Can someone please help me with the steps to solving the below problem?
Labor Burden Practice problem Calculate the following 1. Total cost of employee 2. Hourly cost of employee 3. Employee burden markup Wages - $21/hr. Number of hrs. 2500 (hrs.) O.T. rate - 1.6 times Bonus - $125/quarter Allowance - 125 every 2 months Reimbursement - $50 every 2 months Social Security - 6.2% up to $137,200 Medicare - 1.45% of EPTI FUTA - 8% up to $9,000 Assuming a waiver of 7.4% if SUTA is paid on time SUTA - 12% up to $12,500 Workers comp @ $0.75 per $100 of EPTI General Liability @ 0.65% of EPTI 401K -65% match up to 7% of EPTI Health Insurance - $150/month paid by employer and $300/month deducted from employee paycheck Conference & Training - $500 every 6 months Union Fees - $125/quarter Paid Vacation - 150 hours The employee wants to avail the following: HSA - $200/Month DCA - $225/Month FSA - $100/Month Highlight all Match case so USA is provided by the commany FUTA - 8% up to $9,000 Assuming a waiver of 7.4% if SUTA is paid on time SUTA - 12% up to $12,500 Workers comp @ $0.75 per $100 of EPTI General Liability @ 0.65% of EPTI 401K - 65% match up to 7% of EPTI Health Insurance - $150/month paid by employer and $300/month deducted from employee paycheck Conference & Training - $500 every 6 months Union Fees - $125/quarter Paid Vacation - 150 hours The employee wants to avail the following: HSA - $200/Month DCA - $225/Month FSA - $100/Month LFSA - $125/Month Employer prefers to offer HSA rather than FSA, so HSA is provided by the company Assumptions: Assume SUTA was paid on time Assume employee has tax dependents Assume employee will make the best use of all health/benefit accounts Labor Burden Practice problem Calculate the following 1. Total cost of employee 2. Hourly cost of employee 3. Employee burden markup Wages - $21/hr. Number of hrs. 2500 (hrs.) O.T. rate - 1.6 times Bonus - $125/quarter Allowance - 125 every 2 months Reimbursement - $50 every 2 months Social Security - 6.2% up to $137,200 Medicare - 1.45% of EPTI FUTA - 8% up to $9,000 Assuming a waiver of 7.4% if SUTA is paid on time SUTA - 12% up to $12,500 Workers comp @ $0.75 per $100 of EPTI General Liability @ 0.65% of EPTI 401K -65% match up to 7% of EPTI Health Insurance - $150/month paid by employer and $300/month deducted from employee paycheck Conference & Training - $500 every 6 months Union Fees - $125/quarter Paid Vacation - 150 hours The employee wants to avail the following: HSA - $200/Month DCA - $225/Month FSA - $100/Month Highlight all Match case so USA is provided by the commany FUTA - 8% up to $9,000 Assuming a waiver of 7.4% if SUTA is paid on time SUTA - 12% up to $12,500 Workers comp @ $0.75 per $100 of EPTI General Liability @ 0.65% of EPTI 401K - 65% match up to 7% of EPTI Health Insurance - $150/month paid by employer and $300/month deducted from employee paycheck Conference & Training - $500 every 6 months Union Fees - $125/quarter Paid Vacation - 150 hours The employee wants to avail the following: HSA - $200/Month DCA - $225/Month FSA - $100/Month LFSA - $125/Month Employer prefers to offer HSA rather than FSA, so HSA is provided by the company Assumptions: Assume SUTA was paid on time Assume employee has tax dependents Assume employee will make the best use of all health/benefit accounts
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