Question

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 employees salary. How much must the supervisor budget for the employee's salary and fringe budget?

Answer 1

13.50 * 2080 * 1.24 = ?

Answer 2

(13.50)(2080)(1.24)=34819.2

Answer 3

Why is it 1.24 instead of .24?

Answer 4

[AI-generated answer — Explain Bot]

To calculate the total salary and fringe budget for the employee, we need to calculate the fringe benefits cost and add it to the employee's salary.

First, let's calculate the fringe benefits cost. The fringe benefits cost is 24 percent of the employee's salary.

Fringe Benefits Cost = 24% x Employee's Salary

Next, let's calculate the employee's salary. The employee is being paid $13.50 per hour, and this is a full-time position at 2,080 hours per year.

Employee's Salary = Hourly Rate x Number of Hours per Year

Employee's Salary = $13.50 x 2,080

Now, substitute the value of the employee's salary back into the fringe benefits cost formula.

Fringe Benefits Cost = 24% x ($13.50 x 2,080)

Calculate the fringe benefits cost.

Fringe Benefits Cost = 0.24 x ($13.50 x 2,080)

Next, calculate the fringe benefits cost.

Fringe Benefits Cost = 0.24 x $28,080

Fringe Benefits Cost = $6,739.20

Now, add the fringe benefits cost to the employee's salary to get the total salary and fringe budget.

Total Salary and Fringe Budget = Employee's Salary + Fringe Benefits Cost

Total Salary and Fringe Budget = $28,080 + $6,739.20

Total Salary and Fringe Budget = $34,819.20

Therefore, the supervisor must budget $34,819.20 for the employee's salary and fringe budget.