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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Jiffy Janitorial Service employs 48 workers and has a gross payroll of $25,200 per week. Fringe benefits are 6.4% for sick days and holiday leave. 5.8% for health and hospital insurance, and $14.50 per employee per week for uniform allowance.

a. What is the total weekly cost of fringe benefits for Jiffy?

25 , 200     ×   .064 = $ 1 , 612.80 25 , 200   × .058 = 1.461.60 48   × 14.50       =     696.00 $ 3 , 770.40

b. What percent of payroll does this represent?

R = p b = 3 , 770.40 25 , 200.00 = 1496 = 14 %

c. What is Jiffy's annual cost of fringe benefits?

3 , 770.40   ×   52 = $ 196 , 060.80

Annual cost of fringe benefits

(a)

To determine

To calculate: The total weekly cost of fringe benefits of Jiffy janitorial service. They employ 48 workers with gross payroll of $25,200 per week with fringe benefits are 5% of gross payroll for sick days and holiday leave 8% for health insurance & hospital and $14.50 per employee for uniform allowance.

Explanation

Given Information:

Total number of employers in dynamo production is 48 with gross payroll $25,200 Fringe benefits are 6.4% of gross payroll for sick and holiday leave 5.8% for health insurance & hospital and $14.50 for uniform allowance.

Formula used:

Step1: When fringe benefit is percent of gross payroll then multiply that percent with gross payroll.

Step2: If fringe benefit is dollar amount per employee then multiply the dollar amount with the number of employees.

Step3: Total fringe benefit is addition of all the individual fringe benefit amounts.

Calculation:

Consider the gross payroll of Jiffy janitorial service $25,200.

Now, for sick days or holiday leave fringe benefits is 6.4% of gross payroll $25,200:

Fringe benifit for sick days=25,200×6.4100=25,200×0.=$1612

(b)

To determine

To calculate: The percentage of payroll $25,200 the fringe benefit $3,770.40 represent.

(c)

To determine

To calculate: The Jiffy’s annual cost of fringe benefit .

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