Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the following information, determine the burdened hourly wage rate for a carpenter. Assume the carpenters take full advantage of the retirement benefit. Wage
Given the following information, determine the burdened hourly wage rate for a carpenter. Assume the carpenters take full advantage of the retirement benefit. Wage rate-$23.00 per hour Hours worked-45 hours per week for 30 weeks, and 40 hours per week for 20 weeks Vacation, holidays, and sick leave-Two weeks at 40 hours per week Overtime-Time-and-a-half for any hours over 40 per week Gas allowance-$150 per month Annual bonus-$300 Social Security-6.2 percent on the first $127,200 of wages Medicare-1.45 percent of all wages FUTA-0.6 percent on the first $7,000 of wages SUTA-5.8 percent on the first $10,000 of wages Worker's compensation insurance-$12.25 per $100.00 of wages General liability insurance-0.55 percent of wages Health insurance (company's portion)-$450 per month per employee Retirement-$0.50 per $1.00 contributed by the employee on 6 percent of the employee's wages
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the burdened hourly wage rate for the carpenter we need to account for all the additional costs above the base wage that the employer inc...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started