Examples represent estimated costs of hiring an employee
Low end | Total | |
---|---|---|
Hourly rate | $15 | $31,200 |
Social security | 6.20% | $1,934.00 |
Work comp | 1.85% | $577.20 |
Medicare | 1.45% | $452.20 |
Unemployment | 1.03% | $321.36 |
Total estimated annual wage | $34,485.16 | |
Estimated true cost per hour | $16.57 |
High end | Total | |
---|---|---|
Hourly rate | $25 | $52,000 |
Social security | 6.20% | $3,868.00 |
Work comp | 1.85% | $962.00 |
Medicare | 1.45% | $754.00 |
Unemployment | 1.03% | 535.60 |
Total estimated annual wage | $58,119.60 | |
Estimated true cost per hour | $27.94 |
* Calculations are based off of 2080 hours (40 hours a week) per year
* These are just estimates, for information regarding payroll taxes and costs, please consult your CPA.
Estimate above is based off of your inputs and the cost of hiring an employee versus hiring Moncord
Calculated cost savings per year is based off of example 2 above (high end hire at $25 per hour full time) minus the cost of partnering with and hiring Moncord.
** Take into consideration the Moncord model is "per transaction" which means that when you are busy, we are busy, and when you are slow, we are slow. We scale with your business and costs can be better managed. Compare this to an employee on staff that you will need to pay monthly etc. as a fixed cost regardless of how busy or slow your business is.
Examples represent estimated costs of hiring an employee
Low end | Total | |
---|---|---|
Hourly rate | $15 | $31,200 |
Social security | 6.20% | $1,934.00 |
Work comp | 1.85% | $577.20 |
Medicare | 1.45% | $452.20 |
Unemployment | 1.03% | $321.36 |
Total estimated annual wage | $34,485.16 | |
Estimated true cost per hour | $16.57 |
High end | Total | |
---|---|---|
Hourly rate | $25 | $52,000 |
Social security | 6.20% | $3,868.00 |
Work comp | 1.85% | $962.00 |
Medicare | 1.45% | $754.00 |
Unemployment | 1.03% | 535.60 |
Total estimated annual wage | $58,119.60 | |
Estimated true cost per hour | $27.94 |
* Calculations are based off of 2080 hours (40 hours a week) per year
* These are just estimates, for information regarding payroll taxes and costs, please consult your CPA.