Current vs. Proposed Example:
| |
Current |
Proposed |
Savings/Cost |
| Gross Payroll |
$ 1,760,000 |
$ 1,760,000 |
--- |
| FICA (6.20%) |
$109,120 |
$109,120 |
--- |
| Medicare (1.45%) |
$25,520 |
$25,520 |
--- |
| FUTA |
14,772 |
$14,772 |
--- |
| SUTA |
$ 81,450 |
$ 81,450 |
--- |
| Workers Comp |
$ 149,600 |
$106,949 |
$42,651 |
| Admin Cost |
$ 52,800 |
$52,800 |
--- |
TOTALS |
$2,178,290 |
$2,135,839 |
$42,651 |
Your anticipated savings are 42,651 or 29%
The US Chamber of Commerce, US Dept of Labor and Small Business Administration estimates that administrative overhead for business with less than 100 employees ranges from 4% - 12%.
# of Employees |
1-9 |
10-24 |
25-49 |
% of Payroll |
8-12% |
4-8% |
3-6% |
|
|
