cost-employee

How much is your employee ACTUALLY costing you?

The cost of an employee to a company is substantially higher than one may think. The chart below details the actual employee costs hourly/yearly, once fixed costs and basic fringe benefits are factored in.

HOURLY: 10.00 x 40 HRS/WK x 52 WKS $20,800.00
PAYROLL COSTS
FICA (6.2%) $1,289.60
Medicare (1.45%) $301.60
Fed Unemployment (0.8% to $7,000) $56.00
State Unemployment (3.2) Variable $655.60
Workers Comp. Insurance
General Labor (Code 3632) & Rate 3.2% Variable $665.60
Fringe Benefits Burden
(National average is 11.7%) Includes Insurance, bonuses etc. Excludes vacations, holidays, sick days, etc. $2,433.60
Administrative Cost Burden
Including all HR Functions and paperwork (National average is 10%) $2,080.00
Total Cost of Employee Per Year $28,292
Productive Time
40 hrs./wk x 52 wks. 2,080 hours
Less Non-productive time
Holidays 5 x 8hrs. = 40 hours
Vacation 5 x 8hrs. = 40 hours
SICK DAYS 5 x 8 hrs. = 40 hours
PERSONAL DAYS 2 x 8hrs. = 16 hours
SUBTOTAL 136 hours
TOTAL PRODUCTIVE TIME REALIZED 1,944 hours