Payroll Year 1
Prepared By: Company Name:
Sam Miller Aviator Inc
Employee Types Number of Owners /Employees Average Hourly Pay (to 2 decimal places, ex. $15.23) Estimated Hrs./Week (per person) Estimated Pay/Month (Total) Sept  Oct Nov Dec Jan Feb Mar Apr May June July Aug Annual Totals
Owner(s) 3 106.00 40  $                    55,120          55,120 [1]               55,120          55,120          55,120          55,120          55,120          55,120          55,120          55,120           55,120           55,120           55,120  $         661,440
Full-Time Employees 32 65.00 40  $                  360,533        360,533             360,533        360,533        360,533        360,533        360,533        360,533        360,533        360,533         360,533         360,533         360,533  $      4,326,400
Part-Time Employees 6 25.00 30  $                    19,500          19,500               19,500          19,500          19,500          19,500          19,500          19,500          19,500          19,500           19,500           19,500           19,500  $         234,000
Independent Contractors 3 65.00 40  $                    33,800          33,800               33,800          33,800          33,800          33,800          33,800          33,800          33,800          33,800           33,800           33,800           33,800  $         405,600
Total Salaries and Wages 44  $                261.00 150  $                  468,953  $   468,953  $         468,953  $   468,953  $   468,953  $   468,953  $   468,953  $   468,953  $   468,953  $   468,953  $     468,953  $     468,953  $     468,953  $      5,627,440
                                   
Payroll Taxes and Benefits Wage Base Limit[2] Percentage of Salary/Wage   Estimated Taxes & Benefits/Month (Total) Sept  Oct Nov Dec Jan Feb Mar Apr May June July Aug Annual Totals
Social Security  $                  117,000 6.20%[3]    $                    26,980          26,980               26,980          26,980          26,980          26,980          26,980          26,980          26,980          26,980           26,980           26,980           26,980  $         323,754
Medicare -- 6.00%    $                    26,109          26,109               26,109          26,109          26,109          26,109          26,109          26,109          26,109          26,109           26,109           26,109           26,109  $         313,310
Federal Unemployment Tax (FUTA)  $                      7,000 0.50%[4]    $                         128               128                    128               128               128               128               128               128               128               128                128                128                128  $             1,540
State Unemployment Tax (SUTA)  $                      7,000 2.25%[5]    $                         578               578                    578               578               578               578               578               578               578               578                578                578                578  $             6,930
Employee Pension Programs -- 1.50%    $                      6,527 [6]            6,527                 6,527            6,527            6,527            6,527            6,527            6,527            6,527            6,527             6,527             6,527             6,527  $           78,328
Worker's Compensation -- 3.50%    $                    15,230 [7]          15,230               15,230          15,230          15,230          15,230          15,230          15,230          15,230          15,230           15,230           15,230           15,230  $         182,764
Employee Health Insurance -- 10.45%    $                    45,474 [8]          45,474               45,474          45,474          45,474          45,474          45,474          45,474          45,474          45,474           45,474           45,474           45,474  $         545,682
Other Employee Benefit Programs -- 0.00%    $                              - [9]                   -                         -                   -                   -                   -                   -                   -                   -                   -                     -                     -                     -  $                     -
Total Payroll Taxes and Benefits   30.40%    $                  121,026  $   121,026  $         121,026  $   121,026  $   121,026  $   121,026  $   121,026  $   121,026  $   121,026  $   121,026  $     121,026  $     121,026  $     121,026  $      1,452,309
                                   
Total Salaries and Related Expenses        $                  589,979  $   589,979  $         589,979  $   589,979  $   589,979  $   589,979  $   589,979  $   589,979  $   589,979  $   589,979  $     589,979  $     589,979  $     589,979  $    7,079,749
[1]
These cells have been auto-populated, but can be overwritten if your payroll expenses increase over time. To restore the auto-population, enter this formula in the cell: =F[insert row number]. For example, the first row in this section would use: =F8.
[2]
The Wage Base limit is the maximum earned gross income on which a given tax may be imposed. If you are paying a salary above that amount, you'll need to factor that into your calculation. The amounts below are for 2012.

[3]
This number will be an approximation of the FICA taxes. If the salaries of individuals exceed the wage base limit, this number will overstate the FICA tax and should be adjusted.
[4]
The Federal Unemployment tax rate was 6.2% from January 1, 2011 through June 30, 2011; and decreased to 6.0% as of July 1, 2011. It is currently still set at that rate, less a maximum credit of 5.4% for amounts paid under State unemployment insurance laws.  Accordingly, the normal net FUTA tax is 0.6%. This information is as-of November 2015. Check with the IRS for current information.

[5]
Each state has different SUTA rates and wage base limits. Tailor this cell to reflect your state's information.
[6]

For these benefits, the formula assumes part-time employees are included. If this is not the case, change the formula accordingly.
[7]

For these benefits, the formula assumes part-time employees are included. If this is not the case, change the formula accordingly.
[8]

For these benefits, the formula assumes part-time employees are included. If this is not the case, change the formula accordingly.
[9]

For these benefits, the formula assumes part-time employees are included. If this is not the case, change the formula accordingly.