Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike.
Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 58P
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Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike.
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Step 1
Payroll costs refers to the costs which comprises of all the costs that are incurred through employer for compensating its employees. And these costs involves employee compensation as well as employer paid portion of all the payroll taxes.
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