Prepare payroll worksheets (for the week) for three employees. Assume that they worked the following hours at the following rates:
- Sam - 6 hours per week at $30/hour
- Lisa - on salary with $700/week
- Ben - 20 hours per week at $45 hour
Please include tax and super and describe how you will calculate average employee cost per week. Thanks
To prepare payroll worksheets for the three employees, follow these steps:
1. Calculate the earnings for each employee based on their hours worked and rates:
a. Sam: Sam worked 6 hours per week at a rate of $30 per hour, so his earnings would be 6 hours * $30/hour = $180.
b. Lisa: Lisa is on salary with a fixed weekly pay of $700, so her earnings would be $700.
c. Ben: Ben worked 20 hours per week at a rate of $45 per hour, so his earnings would be 20 hours * $45/hour = $900.
2. Calculate the tax and super contributions for each employee:
a. Tax: The tax amount will depend on the tax rate and the earnings of each employee. To calculate the tax, you will need to refer to the tax table for your specific location. For example, if the tax rate is 20%, and Sam's earnings were $180, his tax amount would be $180 * 20% = $36.
b. Super: Super refers to the contributions made towards the employee's retirement savings. The super contribution rate also varies by location and/or company policy. If the super rate is 10%, then for Sam's earnings of $180, his super contribution would be $180 * 10% = $18.
3. Calculate the average employee cost per week:
To calculate the average employee cost per week, you need to add up the total earnings (including tax and super contributions) for all employees and divide it by the number of employees. In this case, there are three employees.
Total earnings for the week:
- Sam's earnings ($180) + tax ($36) + super ($18) = $234
- Lisa's earnings ($700)
- Ben's earnings ($900) + tax (tax amount) + super (super amount)
Average employee cost per week:
Divide the total earnings for the week by the number of employees (3 in this case):
($234 + $700 + $900) / 3 = $611
So, the average employee cost per week would be $611.