You have two hourly contract employees who work for you. They both make $30 per hour....

You have two hourly contract employees who work for you. They both make $30 per hour. How much should you budget in labour costs for the year, based on the following assumptions;

(i) Total working hours in a year (40 hours per week x 52 weeks)

(ii) 10 holidays per year (8 hours per day) that you do not pay them for

(iii) 10 days vacation per year (8 hours per day) that you do not pay them for

(iv) 4 Sick days (8 hours per day) that you do not pay them for

(v) You do not pay them for their 30 min lunch each day

How many hours will each work this year based on the assumptions above? How much should you budget to spend?

Develop your own personal budget. Include such expenses such as Rent/Mortgage, Utilities, Travel, Tuition, Books, Clothing, Entertainment, Food, Telephone, Misc.

Expert Solution

Labor cost Budget for the year
Particulars	Hrs /Amt $
Total Holidays+vacations +sick days=	24
Remaining workdays=5*52-24=	236	assuming 5 day week working
Payable work Hrs/Person/year
Total yearly work Hrs available =40*52=	2,080
Less : Unpaid Holiday Hrs=10*8	(80)
Less: Unpaid Hrs on vacation days=10*8=	(80)
Less : Unpaid sick day Hrs=4*8=	(32)
Less; Unpaid Lunch Hrson workdays =236*0.5	(118)
Total Payable work Hrs/Year/person=	1,770
Annual Budget per person @$30/hr=	$ 53,100
Annual Budget for 2 persons =	$ 106,200

Monthly Personal Budget
Particulars	Amt $
Room Rent	$ 750.00
Utilities ( Electric/Gas/Heater)	$ 150.00
Travel expense (@$10/day)	$ 300.00
Tution fees	$ 400.00
Books purchase/Library subscription	$ 50.00
Food ($30/day)	$ 900.00
Clothing	$ 100.00
Telephone	$ 25.00
Misc & Entertainment	$ 50.00
Total Monthly Budget	$ 2,725.00

jeff jeffy answered 2 years ago

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