Determine the effective hourly cost, the total annual cost, and the labor burden markup for the Superintendent with the following wage and benefit information. Wages Total hours worked during year Overtime Rate Paid vacation Bonus Allowances Reimbursement Social Security Rate Social Security Limit Medicare FUTA Rate FUTA Limits SUTA Rate SUTA Limit Worker's Comp. Rate General Liability Rate 401(k) Matching 401(k) Limit Health Insurance Union Dues Conference 65.00 $/hour 2,620 hrs 1.65 times 135 hrs $270 per month $115 per month upto $50 per month 6.50 % $157,000 1.45 % 7.4%. 5.4% credit is received if SUTA is paid on time. $9,500 6.75 % $13,500 $0.52/$100 0.60% $0.65 per $1.00 8.00% of wages $200/Month. Another $500 per month is deducted from employee's paycheck. $150/Month $3000 per year $1200 per year Training HSA FSA LFSA DCA $270/Month $320/Month $50/Month $125/Month Assumptions: Assume SUTA was paid on time Assume employee has 2 tax dependents Assume employee will make the best use of all health/benefit accounts. Assume employee will take the full advantage of retirement benefit.
Determine the effective hourly cost, the total annual cost, and the labor burden markup for the Superintendent with the following wage and benefit information. Wages Total hours worked during year Overtime Rate Paid vacation Bonus Allowances Reimbursement Social Security Rate Social Security Limit Medicare FUTA Rate FUTA Limits SUTA Rate SUTA Limit Worker's Comp. Rate General Liability Rate 401(k) Matching 401(k) Limit Health Insurance Union Dues Conference 65.00 $/hour 2,620 hrs 1.65 times 135 hrs $270 per month $115 per month upto $50 per month 6.50 % $157,000 1.45 % 7.4%. 5.4% credit is received if SUTA is paid on time. $9,500 6.75 % $13,500 $0.52/$100 0.60% $0.65 per $1.00 8.00% of wages $200/Month. Another $500 per month is deducted from employee's paycheck. $150/Month $3000 per year $1200 per year Training HSA FSA LFSA DCA $270/Month $320/Month $50/Month $125/Month Assumptions: Assume SUTA was paid on time Assume employee has 2 tax dependents Assume employee will make the best use of all health/benefit accounts. Assume employee will take the full advantage of retirement benefit.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16EA: An employee and employer cost-share pension plan contributions and health insurance premium...
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