GOALS BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 1 10.3Total Costs of Labor Calculate cost of full-time employees Calculate cost of part-time.

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Presentation transcript:

GOALS BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide Total Costs of Labor Calculate cost of full-time employees Calculate cost of part-time employees

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 2 Cost of Full-Time Employees The cost of full-time employees consists of the wages they are paid and the benefits they receive. Employees may consider only their wages to be income and benefits as only a non-cash incentive for working. Employers consider benefits to be costs, or expenses, because they actually pay the benefits.

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 3 Benefits Required by Law Some of the benefits paid by employers are required to be paid by law. FICA taxes FUTA taxes SUTA taxes

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 4 SUTA and FUTA SUTA pays cash to workers who are temporarily unemployed. These cash payments are called unemployment compensation. FUTA taxes are primarily used to pay the cost of running the unemployment compensation program.

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 5 Common Employee Benefits Retirement plans Medical and related insurance Life insurance Vacation pay Holiday pay Sick leave

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 6 Other Employee Benefits Company car Tuition reimbursement Child care Paid parking Employee discounts Legal services

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 7 Cost of Part-Time Employees Part-time employees are those employees who work less than 40 hours a week. Part-time employees are often paid the same rate of pay as full-time employees, but they do not receive the same benefits. At the minimum, part-time employees receive the benefits required by law. Their employer may also provide a few additional benefits.

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 8

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 9

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 10

BUSINESS MATH© Thomson/South-WesternLesson 10.3Slide 11

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