In your role as a compensation analyst, you have been assigned to calculate and compare the estimated costs of hiring full-time and part-time employees in anticipation of staffing a project. It will take 200,000 work hours to complete the project, and the project must be completed within a 5-work week period. The work week runs Monday through Friday, within the daily hours of 8 am to 4 pm. Full-time workers provide 40 hours of weekly service. Part-time workers provide 20 hours of weekly service. Assume that the hourly wage rate for full-time workers is $24, and the rate is $12 for part-time workers. Both categories of workers perform the same sets of tasks. Also, assume that costs of benefits equal the amounts displayed in Table 12-2. If the project is only staffed with full-time workers, 1000 employees will be needed to complete the project. The estimated total costs of wages and benefits would be $ 7160000 If the project is only staffed with part-time workers, 2,000 employees will be needed to complete the project. The estimated total costs of wages and benefits would be $ 3074000 If only 15 full-time workers are assigned to the project, then part-time workers will be needed to complete the project. The total cost of wages and benefits for the 15 full-time workers and the part-time workers would be $ Employers' Hourly Costs for Full- and Part-Time Employee Benefits, December 2014 Full-Time ($) 11.80 2.77 Part-Time ($) 3.37 Benefit Total hourly benefits costs Paid leave Supplemental pay Insurance Retirement and savings Legally required benefits 0.45 0.22 1.41 3.18 0.70 1.65 0.32 1.68 2.78