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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?

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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

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Chapter
Section
Chapter 9.III, Problem 12RE
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?

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Chapter 9 Solutions

Contemporary Mathematics for Business & Consumers
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