|
| Number of Employees |
100 |
% Increase |
Year 2 |
% Increase |
Year 3 |
| Average Monthly Salary |
$4,000.00 |
4% |
$4,160.00 |
4% |
$4,326.40 |
| Average Workers Comp Rate |
15% |
10% |
|
10% |
|
| EE Benefits premiums |
$250.00 |
10% |
$275.00 |
10% |
$302.50 |
| Dependent Premiums * assumes 25% participation |
$350.00 |
10% |
$385.00 |
10% |
$423.50 |
|
|
|
|
|
|
| Total Monthly Payroll |
$400,000 |
|
$416,000 |
|
$432,640 |
| Payroll Taxes * |
23% |
|
26% |
|
30% |
| Total Payroll Taxes * Which Includes Workers Comp and Social Security |
$92,000 |
|
$108,160 |
|
$129,792 |
| Employee Insurance Premiums |
$25,000 |
|
$27,500 |
|
$30,250 |
|
|
|
|
|
|
| Total Salary, Taxes & Benefits Cost |
$517,000 |
|
$551,660 |
|
$592,682 |
| |
|
|
|
|
|
| Cafeteria Plan Installed enrollment with an average of Salary Reduction |
* Assumes 50% $400.00 Monthly |
|
Plan Changes Cost Reduced |
Insurance 15% |
|
| Total Monthly Payroll |
$400,000 |
|
$416,000 |
|
$432,640 |
| Payroll Reduction 50% EE's x $400.00 |
$20,000.00 |
|
$20,000.00 |
|
$20,000.00 |
| Adjusted Monthly Payroll |
$380,000 |
|
$396,000 |
|
$412,640 |
| Payroll Taxes |
23% |
|
26% |
|
30% |
| Adjusted Payroll Taxes |
$87,400 |
|
$102,960 |
|
$123,792 |
| Insurance Premium Reduction * 15% Savings based on Plan Changes |
$3,750 |
|
$4,125 |
|
$4,538 |
| Adjusted Insurance Premiums |
$21,250 |
|
$23,375 |
|
$25,713 |
| Adjusted Total Salary, Taxes & Benefits Cost |
$488,650 |
|
$522,335 |
|
$562,145 |
| Cafeteria Plan Payments |
$20,000 |
|
$20,000.00 |
|
$20,000.00 |
| Monthly Payroll Savings |
$8,350 |
|
$9,325 |
|
$10,538 |
| Yearly Savings |
$100,200 |
|
$111,900 |
|
$126,450 |
| |
|
|
|
|
|
|
