Question
Given the following information, determine the burdened monthly wage rate for a project manager. Assume the project manager takes full advantage of the retirement benefit.
Given the following information, determine the burdened monthly wage rate for a project manager. Assume the project manager takes full advantage of the retirement benefit.
~Wage Rate-$9,000 per month
~Gas allowance- $200 per month
~Annual Bonus- $5,000
~Social Security- 6.2 percent on the first $113,700 of wages
~Medicare- 1.45 percent of all wages
~FUTA- 0.6 percent on the first $7,000 of wages ~SUTA- 3.1 percent on the first $18,000 of wages
~Workers Compensation Insurance- $6.60 per $100.00 of wages
~General Liability Insurance- 0.8 percent of wages
~Health Insurance (Company's Portion)- $400 per month per employee
~Retirement- $0.50 per $1.00 contributed by the employee on 6 percent of the employee's wages
Please answer the following:
1. What are the annual wages for the project manager?
2. What is the cost of FUTA ?
3. What is the Social Security tax cost?
4. What is the cost of General Liability Insurance?
5. What is the cost of Workmans compensation?
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