Chapter 9.III, Problem 16TIE

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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

workers with gross payroll of

for sick days and holiday leave

insurance.

Explanation

**Given Information:**

Total number of employers in dynamo production is

Fringe benefits are

insurance and

**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

Now, for sick days or holiday leave fringe benefits is

For health insurance fringe benefit is

**(b)**

To determine

**To calculate:** The percentage of payroll

**(c)**

To determine

**To calculate:** The cost of fringe benefit

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