You have two hourly contract employees who work for you. They both make $40 per hour. How much should you budget in labour costs for the year, based on the following assumptions;

(i) Total working hours in a year (40 hours per week x 52 weeks) (ii) 10 holidays per year (8 hours per day) that you do not pay them for (iii) 10 days vacation per year (8 hours per day) that you do not pay them for (iv) 4 Sick days (8 hours per day) that you do not pay them for (v) You do not pay them for their 30 min lunch each day

How many hours will each work this year based on the assumptions above? How much should you budget to spend?