BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

North Beach Limousine Service employs 166 workers and has a gross payroll of $154,330 per week. Fringe benefits are 4 1 2 % of gross payroll for sick days and maternity leave. 7.4% for health insurance. 3.1% for the retirement fund, and $26.70 per employee per week for a stock purchase plan.

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

b. What percent of payroll does this represent? Round to the nearest tenth of a percent.

c. What is the company’s annual cost of fringe benefits?

(a)

To determine

To calculate: The total weekly cost of fringe benefits of North beach limousine service. They employ 166 workers with gross payroll of $154,330 per week with fringe benefits are 412%=4.5% of gross payroll for sick days and maternity leave 7.4% for health insurance

3.1% of gross payroll for retirement fund $26.70 per employee for stock purchase plan.

Explanation

Given Information:

Total number of employers in North beach limousine service is 166 with gross payroll $154,330

Fringe benefits are 412%=4.5% of gross payroll for sick and maternity leave 7.4% for health

insurance 3.1% of gross payroll for retirement fund $26.70 per employee for stock purchase plan.

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 North beach limousine service $154,330.

Now, for sick days or maternity leave fringe benefits is 412%=4.5% of gross payroll $154,330:

Fringe benifit for sick days=154,330×4.5100=154,330×0.045=$6994.85

For health insurance fringe benefit is 7.4% of gross payroll $154,330

health insurace fringe benifits=154,330×7

(b)

To determine

To calculate: The percentage of payroll $154,330 the fringe benefit $27,631.70 represent.

(c)

To determine

To calculate: The cost of fringe benefit $154,330 annually.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

In Exercises 7-22, evaluate the expression. 22. 62.561.961.4

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Find the centroid of the region shown. 14.

Single Variable Calculus: Early Transcendentals

For f(x) = cos1(2x), f(x) = a) 114x2 b) 214x2 c) 414x2 d) 814x2

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Find all real solutions of each equation. 5a2=a+6

College Algebra (MindTap Course List)