Determine the annual cost, monthly cost, and burden markup for a salaried employee given the following information. Assume the employee takes full advantage of the 401(k) benefit.
ITEM COST______________
Wages ........................ $80,000
Bonus ......................... $10,000
Allowances ................ $500 per month for vehicle
Social Security ........... 6.2% of wages to $84,900
Medicare .................... 1.45% of wages
FUTA ........................ 0.8% of wages to $7,000
SUTA ........................ 3.0% of wages to $7,000
Workers’ Comp. ........ $4.25 per $100 of wages
General Liability ....... 1.02% of wages
401(k) ........................ 100% match up to 6% of wages
Health Insurance ....... $175/month