Question
How do I calculate payroll? I have projected sales amount ($17,000), labor percentage (26%), management salaries ($1,350) and benefits deductions ($1,697). The questions I have
How do I calculate payroll? I have projected sales amount ($17,000), labor percentage (26%), management salaries ($1,350) and benefits deductions ($1,697). The questions I have to answer are the following:
1. How many dollars are available for labor for next week?
2. How many dollars are available for payroll for next week?
3. How many payroll dollars are available for hourly staff for next week?
I think I know the first answer (which would be multiplying the $17,000 by the 26% to get the $4,420), though.
Would I just subtract the management salaries from the $4,420 to get the payroll and then subtract the benefits and deduction from payroll for the hourly wages? That's the only thing that really makes sense to me. Thank you!
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