show work . A tool and die worker is paid $26.50 per hour.The work year consists
ID: 2515856 • Letter: S
Question
show work .
A tool and die worker is paid $26.50 per hour.The work year consists of 52 40-hour weeks with overtime schedules for 26 Saturdays. The company allows 8 paid holidays and 10 days of vacation. Four days of sick leave are budgeted and have historically been used. Expect- ed nonchargeable hours are 2%. There is no subsidy for performance. Nonhourly costs in- clude FICA taxes at current governmental rate, workers' compensation at 2% of regular wages up to $20,000, an accident insurance sum of $600, a major supplemental medical plan for $300, and unemployment insurance of $800.Explanation / Answer
workers comp (20000*0.02)
particulars no.of hours cost ($) excess cost ($) Hourly rate regular hours (40*52) 2080 55,120 Overtime (26*8) 208 8,268 excess overtime cost (208*13.25) 2,756 sub total 2,288 63,388 (-)holiday (8*8) 64 1,696 1,696 (-)vacation (10*8) 80 2,120 2,120 (-) sick leave (4*8) 32 848 848 (-)non chargeable (2080*0.02) 42 1,102 1,102 Chargeable 2,078 57,622 Non hourly costs FICA (55120+8268)* 7.65% 4,849workers comp (20000*0.02)
400 unemployment ins 800 medical ins 300 accident ins 600 Total excess cost 15,471 Excess hourly Rate (15471/2078) 7.44 Regular rate 26.5 Gross hourly Rate 33.94 % increase (7.44/33.94)x 100 21.9%Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.