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January 29, 2015

January 29, 2015

Posted by **KGK** on Wednesday, June 25, 2014 at 12:22am.

Calculate the cost to Score an employee with $1,100 gross pay in the first period in January.

2. Calculate the cost to Score for an employee with $850 gross pay in the first period in January.

3. Find the total gross semimonthly pay for all six employees and compare this to the total amount Score must include in its budget. How much extra is needed in the budget?

4. Calculate the total amount Score will need for it first quarter FUTA and SUTA deposit. There are six semimonthly pay periods in the first quarter of the year.

- Math -
**MathMate**, Wednesday, June 25, 2014 at 10:14amLet's summarize the situation.

Company: Score

Total number of employees: 6

Pay period: semi-monthly.

Salary break down:

2 employees at $1100 per pay

4 employees at $850 per pay

Proposed employee retirement fund:

$75 per pay per employee

SUTA contribution (extra expense for Score):

5.4% for first $7000 gross pay

This means that all employees will contribute 5.4% for the first 6 pays if the salary is below 7000/6=$1167, or in the case of Score, all employees.

Calculations:

1. Each employee with $1100 gross salary.

Gross salary = $1100

Retirement fund = $75

SUTA contribution = $1100*0.054=$59.40

Total per employee = $1234.40

2. Each employee with $850 gross salary

Gross Salary = $850

Retirement fund = $75

SUTA contribution = $850*0.054 = $45.9

Total per employee = $850+75+45.9=$970.90

3.

Total gross pay = 2*1100+4*850 = $5600

Total cost to Score = 2*1234.4+4*970.90 = $6352.40

There is a difference of 752.40 in contributions and retirement funds, or 13.4% more.

4. total budget required for first quarter (6 pays)

= 6*6352.40

= $38,114.40

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