High Air Jet Leasing employs 75 workers with a gross monthly payroll of $187,500

Question

High Air Jet Leasing employs 75 workers with a gross monthly payroll of $187,500. Fringe benefits are $22.57 per employee for dental insurance, $5.60 per employee for discount club memberships and 3.2% of payroll for a pension plan. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. Do not enter the percent symbol in your answer. High Air Jet Leasing employs 75 workers with a gross monthly payroll of $187,500. Fringe benefits are $22.57 per employee for dental insurance, $5.60 per employee for discount club memberships and 3.2% of payroll for a pension plan. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. Do not enter the percent symbol in your answer.

Explanation / Answer

Total amount spent on dental insurance = 22.57x75 = $1692.75

Total amount for discount club membership =5.6x75 = $420

Percentage amount spent on club membership and dental insurance = (420+1692.75)/187500 = 1.1%

Percentage of payroll for fringe benefits = 1.1+3.2 = 4.3%

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