Question
Determine the effective hourly cost, the total annual cost, and the labor burden markup for the Superintendent with the following wage and benefit information. (50
Determine the effective hourly cost, the total annual cost, and the labor burden markup for the Superintendent with the following wage and benefit information. (50 points)
Wages 36.00 $/hour
Total hours worked during year 2420 hrs
Overtime Rate 1.75
Paid vacation 100 hrs
Bonus $270 per 6 months
Allowances $125 per month
Reimbursement upto $50 per month
Social Security Rate 7.20 %
Social Security wage cap $92,200
Medicare 1.45%
FUTA Rate 8.0%. 5.4% credit is received if SUTA is paid on time.
FUTA Limits $7,500
SUTA Rate 12.75 %
SUTA Limit $13,000
Worker's Comp. Rate $0.52 /$100
General Liability Rate 0.65 %
401(k) Matching $0.65 per $1.00
401(k) Limit 7.2500%
Health Insurance (paid by employer) $ 250 / Month. Another $350 is deducted from employees paycheck.
Union Dues $ 150 / Month
,Conference $500 / quarter
Training $400 every six months
HSA $175/Month
FSA $150/ Month
LFSA $200/Month
DCA $125/ Month
Assumptions: Assume SUTA was not paid on time Assume employee has no tax dependents Assume employee will not prefer high deductible insurance plan. Assume employee will take the full advantage of retirement
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