Owner Track worksheet
Employee Cost Calculator: The True Cost of an Employee
The formula
Employer FICA = 6.2% × Social Security wages up to the year's wage base + 1.45% × all Medicare wages (7.65% combined below the base); FUTA = 6.0% of first $7,000 of wages, less up to 5.4% credit for timely SUTA payment
Illustrative example
Examples use made-up numbers. Education only, not tax, legal or investment advice.
| Cost | Annual amount |
|---|---|
| Wages | $52,000 |
| Employer FICA | $3,978 |
| FUTA | $42 |
| Estimated SUTA | $1,040 |
| Workers compensation | $520 |
| Benefits | $6,000 |
| Equipment | $2,400 |
| Total | $65,980 |
Your numbers
| Cost | Annual amount |
|---|---|
Estimates depend on your inputs.