The HIM coding supervisor agrees to pay a new graduate $13.50 per hour. This is a full-time coding position at 2,080 hours per year. The cost for a full-time employee's fringe benefits is 24 percent of the employee's salary. How much must the supervisor budget for the employee's salary and fringe benefits?
What part of this problem don't you understand?
since the yearly salary amounts to 2080*13.50
the benefits amount to 24% of that amount.
6739.2
To calculate the budget for the employee's salary and fringe benefits, we need to follow these steps:
Step 1: Calculate the full-time employee's salary:
The annual salary can be calculated by multiplying the hourly rate by the number of hours worked in a year:
Annual salary = Hourly rate * Hours per year
= $13.50 * 2,080
Step 2: Calculate the cost of fringe benefits:
The cost for fringe benefits is given as 24 percent of the employee's salary. To calculate this, we multiply the annual salary by 24 percent:
Fringe benefits = Annual salary * 24%
= (Hourly rate * Hours per year) * 24%
Step 3: Calculate the total budget:
The total budget required for the employee's salary and fringe benefits is the sum of the annual salary and the cost of fringe benefits:
Total budget = Annual salary + Fringe benefits
Now, let's calculate the values:
Annual salary = $13.50 * 2,080
Fringe benefits = (Hourly rate * Hours per year) * 24%
Total budget = Annual salary + Fringe benefits
Using these formulas, you can plug in the appropriate values to calculate the budget for the employee's salary and fringe benefits.