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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

Dynamo Productions employs 250 workers with a gross payroll of $123,400 per week. Fringe benefits are 5% of gross payroll for sick days and holiday leave, 8% for health insurance, and $12.40 per employee for dental insurance.

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

b. What percent of payroll does this represent?

c. What is the cost of these fringe benefits to the company for a year?

(a)

To determine

To calculate: The total weekly cost of fringe benefits of dynamo productions. They employ 250

workers with gross payroll of $123,400 per week with fringe benefits are 5% of gross payroll

for sick days and holiday leave 8% for health insurance and $12.40 per employee for dental

insurance.

Explanation

Given Information:

Total number of employers in dynamo production is 250 with gross payroll $123,400.

Fringe benefits are 5% of gross payroll for sick and holiday leave 8% of gross payroll for health

insurance and $12.40 for dental insurance.

Formula used:

Perform following steps to find fringe benefits expense:

Step 1: When fringe benefit is percent of gross payroll then multiply that percent with gross payroll.

Step 2: If fringe benefit is dollar amount per employee then multiply the dollar amount with the

number of employees.

Step 3: Total fringe benefit is addition of all the individual fringe benefits amount obtained from

Calculation:

Consider the gross payroll of dynamo productions $123,400.

Now, for sick days or holiday leave fringe benefits is 5% of gross payroll is:

123,400×5100=123,400×0.05                   =$6170

For health insurance fringe benefit is 8% multiply by gross payroll:

123,400×8100=123,400×0

(b)

To determine

To calculate: The percentage of payroll $123,400 the fringe benefit $19,142 represent.

(c)

To determine

To calculate: The cost of fringe benefit $19,142 for one year.

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