Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hourly costs ? Vacation wages? Burden markup? Determine the annual cost, average hourly cost, and burden markup of an hourly employee given the information in

Hourly costs ?
Vacation wages?
Burden markup?
image text in transcribed
image text in transcribed
Determine the annual cost, average hourly cost, and burden markup of an hourly employee given the information in the table. Assume the employee takes full advantage of the 401(k) benefit. The employee's health insurance is paid for entirely by the employer. Last year the employee worked 2,150 hours and was paid for an additional 100 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. Wages $25.00/hr Bonus $300.00 Allowances $50.00/month Social Security 6,2% up to 128,700 Medicare 1.45% of wages FUTA 0.6% up to $7,000 2.0% up to $20,000 Workers' Compensation 1.1% per $100 of wages General Liability 0.57% of wages 401(K) 50% match up to 6% of wages Health Insurance $150/month SUTA 150-100 5240 -81-82 reles Oures + Total time 2 Reportin Overtime Bonus 5 Allowinces & total wages 225 -31525 300 *50*12 -02-09-04.05 52000 6375 300 600 59275 3675.05 350.40 SS 9 Medicare 10 FUTA 11 SUTA 12 Corp 13 GL 14 40119 15 MI 16 17 BURDEN TANNUAL COST 19 Hourly Cost 20 21 Vacation Wages 0.002'05 0.014506 -0.0067000 -0.00220000 -0.01106 0.005706 0.5*0.06.06 5012 652.005 337.86.75 177225 100 SUMOS 015) 06.017 11/2150 91 68493.58 31.86171127900 SIL. 35100 2500 -06-01-04 SUS 23 Deno 24 25 Barden Markup o Aromal Cos! Martap Wages -Wagen O 011/0331 0.212217129260735 0.2122 Bome 27 20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting With QuickBooks Online

Authors: Donna Kay

3rd Edition

1264127278, 9781264127276

More Books

Students also viewed these Accounting questions

Question

2 What are the steps that can aid effective communication?

Answered: 1 week ago