Fringe Benefits

Fringe benefits include: FICA, SUTA, FUTA, worker's compensation insurance, health insurance, and retirement benefits. Fringe benefits are usually expressed as a percentage of salary. If you do not know what the fringe benefits for your staff are, the person who processes payroll does. The following are several examples.

• A project coordinator will be hired at the rate of $57,000 annually. Our fringe benefits are 19.23% of salary. The total fringe benefit for this position is $10,961.10.

• Two counselors will be hired for the project at a salary of $47,500 annually. Our fringe benefits are 17.22% of salary. The total fringe benefit for these two positions is $16,359.

• Two support staff will spend 40 hours each for a total salary of $1,700. Our fringe benefits are 20.15%, so the fringe benefits are $342.55.

• The executive director will spend 10% of his time supervising the project for a wage total of $10,250. Our fringe benefits are figured at 25.25%, so his fringe benefit is $2,588.13.

Was this article helpful?

0 0
Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

Get My Free Ebook

Post a comment