Cost of Employees
Question
What kind of costs do I add when I start hiring employees?Answer
You have to start paying all kinds of taxes such as unemployment, worker's compensation, Social Security and don't forget about benefits programs. You also will have the overhead associated with that employee (office space, work station, computer, phone, etc.) The total financial "burden" of hiring an employee is typically 40 - 50% higher than the cost of the employee's wage. So if you hire someone at $10 per hour as an employee, plan on spending around $14 - $15 per hour in terms of the total cost to you.
- October 11, 2011
- Employees
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