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Payroll Savings Example

Calculate your Savings Typical Payroll Taxes FICA 7.65% Workman's Comp* 15.00% FUTA 1.60% SUTA 1.40% 25.65% 25.65% is the approximate additional payroll cost when paying fringe dollars as cash wages Sample Calculation Assume XYZ Construction Company has 15 employees doing Prevailing Wage work. These employees work approximately 1000 hours each per year. The Fringe amount above base rate is $4 / hour. 15 employees X 1000 hours = 15,000 Total hours 15,000 hours X $4.00 = $60,000 in Additional Payroll $60,000 X 25.65% =

Contractors Benefit Services, LLC
223 East Center Street Manchester, CT 06040 Telephone: (860) 533-3090
Toll Free: (800) 800-5206
Facsimile: (860) 645-7460
Email: tgorman@gormaninsurance.com

PREVAILING WAGE FRINGE BENEFIT PLANS

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