Payroll Benefits Worksheet

For a close view of what your hiring costs are, try out our Payroll Benefits Worksheet below.

Instructions: An individual's effective hourly rate of pay is a function of the hourly salary rate plus benefits provided. In the example below, an individual earning $10.00 per hour has an effective rate of pay equal to $14.84!

Change any of the fields detailed under "Your Company" to estimate the effective pay rate for your position. The results can be surprising.



Payroll/Benefit Worksheet

PAYROLL SAMPLE COMPANY    YOUR COMPANY
Hourly Rate   $10.00    
Weekly Hours   40    
Weekly Salary   $400.00    
Total Cost of Benefits   $4.84    
Effective Hourly Pay Rate   $14.84    
Benefits as a % of Pay   48.40%    

BENEFITS
SAMPLE BENEFIT COST
YOUR BENEFIT COST
Social Security Tax 6.2% $0.62 %  
Medicare Tax 1.45% $0.15 %  
Unemployment - State 2.7% $0.27 %  
Unemployment - Federal 0.8% $0.08 %  
Worker's Comp Insurance 5% $0.50 %  
Vacation Days 10 $0.38  
Sick/Personal Days 5 $0.19  
Paid Holidays 8 $0.31  
Admin. & Recruitment 3% $0.30 %  
Health Care Per Month $250.00 $1.44  
Pension/Profit Plans 6% $0.60 %  
Total Cost of Benefits   $4.84    
Effective Hourly Pay Rate   $14.84    
Benefits as a % of Pay   48.40%