Determine the annual cost, monthly cost, and burden markup for a salaried employee given the following information. Assume the employee takes full advantage of the 401(k) benefit Item Cost Wages $120,000 Bonus $10.000 Allowances $500 per month for vehicle Social Security 6.2% of wages to $106.800 Medicare 45% of wages FUTA 0.6% of wages to $7.000 3.0% of wages to $7.000 Workers Comp. $4.25 per $1100 of wages General Liability 102% of wages matan up to 60 of wages $175 month 116 CHAPTER EIGHT 7. Set up a worksheet to calculate the annual cost, aver- age hourly cost, and the burden markup of an hourly employee. The spreadsheet should allow you to enter the hourly wages, the average number of hours paid for each week, number of days off per year, annual bonus ($/year), monthly allowances ($/month), the amount of employee expenses that are not subject to social security and Medicare taxes, social security percent- age rate and limit, Medicare percentage rate, FUTA percentage rate and limit, SUTA percentage rate and limit, workers' compensation insurance rate ($/$100), general liability percentage rate, 401(k) matching rate and limit, monthly health insurance payment, monthly union payments, and other monthly benefits. Assume the employee takes full advantage of the 401(k) benefit. Check your answer against Example 8-11 and Problem 5