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Assume you are creating a small business. As part of your financial projections for the business plan, you must make a budget projection for employee compensation. Your budget must include the following elements:

Provide a brief summary of your business including industry, product/service produced, location, estimated annual revenues, hours of operation, business type (LLC, sole proprietor, etc.)

Be based on a minimum of 3 employees, plus yourself

Create individual budgets for salary, Medicare, social security, federal employment and benefits

Create a master compensation budget with all of the above information

Have a line item for employee salaries (must include one), with compensation rates for each employee

Have a line item for hourly employees (must include one), with compensation rates for each employee

Have a line item for owner draw/payroll, depending upon business type

Using the table below, include a budget line for social security, Medicare, and federal unemployment for employees

Tax Type	Tax Rate	2014 Wage Cap
Social Security	6.20%	$117,000
Medicare	1.45%	No cap
Federal unemployment	0.80%	$7,000

Include a budget line for overtime for any hourly employees

Assume your company provides insurance and retirement benefits. Add a budget line for each of these items.

Budgets should be a projection for 4 quarters

Review your budget. Are there any other items that you would add to this?

How does the compensation budget fit into the rest of your budget plans?