Martin & Elliott LLC (M&E) is budgeting for next year. Much of the work that M&E does relates to repeat business (quarterly and annual tax filings and annual audits), but the partners also work hard to gain new business. The firm employs 40 professional accountants-all salaried-and four administrative staff members-all hourly. The following chart shows the number of accountants by role, along with targeted billable hours and billable rates for each level. Target Billable Hours per Person are annual amounts, as the TFC are given annually. Number of Target Billable Accountants Hours per Person Billable Rate/Hour Partner 5 1,100 $150 Manager 7 1,100 135 Senior 00 8 1,700 100 Staff 20 1,700 70 70