Example of Wages and Salaries - Note 4
- |
- Email a Friend |
Digg
| 
StumbleUpon
| 
Facebook
NOTE 4 - WAGES & EMPLOYEE BENEFITS
The following items represent the Company's forecasted salaries, wages, and mandatory employer costs.
| YEAR 1 | YEAR 2 | YEAR 3 | |
| Sales Manager | $ 23,400 | $ 24,570 | $ 25,740 |
| Sales Staff Salaries | $ 35,640 | $ 43,290 | $ 66,690 |
| Management Salary | $ 31,200 | $ 33,800 | $ 36,400 |
| Financial Controller Salary | $ 20,000 | $ 21,000 | $ 22,000 |
| Employer Costs (11%) | $ 12,126 | $ 13,493 | $ 16,591 |
| Total Employee Benefits | $122,366 | $136,153 | $167,421 |
The Sales Manager will be hired in May of 200W and will receive a wage of $450 per week (45 hour week). A $.50 raise is anticipated in both year two and three. Two sales staff will be hired in July of 200W and will receive a wage of $405 per week. A $0.25 raise is anticipated in both year two and three. In year three, an additional sales staff member will be hired to increase the Company's selling capacity. Management will receive a wage of $600, $650, and $700 per week in year one, two and three respectively. The employer costs consists of UI, Worker's Compensation, and Vacation Pay and has been estimated at 11% of employee salaries.