Given the following information, determine the burdened hourly wage rate for an equipment operator. Assume the equipment operator takes full advantage of the retirement benefit. Wage rate - $40.00/hr. Hours worked - 45 hr./wk. for 29 weeks, 40 hr./wk. for 20 weeks Vacation, holidays, and sick leave - 3 weeks at 40 hr./wk. Overtime-time-and-a-half for any hours over 40 hr./wk. Gas allowance - $200/month Annual bonus - $1000 Social Security - 6.2% on the first $147,000 of wages Medicare - 1.45% of all wages Health Insurance(company's portion) - $400.00/month FUTA -0.6% on the first $7000/wages SUTA - 2.5% of the first $10,000/wages Workers compensation insurance - $15.25 per $100.00 of wages General Liability Insurance - 0.55% of wages Retirement $0.80/$1.00 contributed by the employee on 7% of the employee's wages
Given the following information, determine the burdened hourly wage rate for an equipment operator. Assume the equipment operator takes full advantage of the retirement benefit. Wage rate - $40.00/hr. Hours worked - 45 hr./wk. for 29 weeks, 40 hr./wk. for 20 weeks Vacation, holidays, and sick leave - 3 weeks at 40 hr./wk. Overtime-time-and-a-half for any hours over 40 hr./wk. Gas allowance - $200/month Annual bonus - $1000 Social Security - 6.2% on the first $147,000 of wages Medicare - 1.45% of all wages Health Insurance(company's portion) - $400.00/month FUTA -0.6% on the first $7000/wages SUTA - 2.5% of the first $10,000/wages Workers compensation insurance - $15.25 per $100.00 of wages General Liability Insurance - 0.55% of wages Retirement $0.80/$1.00 contributed by the employee on 7% of the employee's wages
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Given the following information, determine the burdened hourly wage rate for an equipment operator. Assume the
equipment operator takes full advantage of the retirement benefit.
Wage rate - $40.00/hr. Hours worked - 45 hr./wk. for 29 weeks, 40 hr./wk. for 20 weeks Vacation, holidays, and
sick leave - 3 weeks at 40 hr./wk. Overtime-time-and-a-half for any hours over 40 hr./wk.
Gas allowance - $200/month Annual bonus - $1000
Social Security - 6.2% on the first $147,000 of wages
Medicare - 1.45% of all wages Health Insurance(company's portion) - $400.00/month
FUTA -0.6% on the first $7000/wages SUTA - 2.5% of the first $10,000/wages
Workers compensation insurance - $15.25 per $100.00 of wages General Liability Insurance - 0.55% of wages
Retirement - $0.80/$1.00 contributed by the employee on 7% of the employee's wages](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F951f2231-86e9-407d-a37c-7af21b435d5e%2F1633715e-b957-42b5-895f-6efc18ff931d%2Fmbrhixe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Given the following information, determine the burdened hourly wage rate for an equipment operator. Assume the
equipment operator takes full advantage of the retirement benefit.
Wage rate - $40.00/hr. Hours worked - 45 hr./wk. for 29 weeks, 40 hr./wk. for 20 weeks Vacation, holidays, and
sick leave - 3 weeks at 40 hr./wk. Overtime-time-and-a-half for any hours over 40 hr./wk.
Gas allowance - $200/month Annual bonus - $1000
Social Security - 6.2% on the first $147,000 of wages
Medicare - 1.45% of all wages Health Insurance(company's portion) - $400.00/month
FUTA -0.6% on the first $7000/wages SUTA - 2.5% of the first $10,000/wages
Workers compensation insurance - $15.25 per $100.00 of wages General Liability Insurance - 0.55% of wages
Retirement - $0.80/$1.00 contributed by the employee on 7% of the employee's wages
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