Payroll Year 1
Prepared By: Company Name:
Sam Miller Aviation Flight Academy
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 30 40.00 40  $                  208,000        208,000             208,000        208,000        208,000        208,000        208,000        208,000        208,000        208,000         208,000         208,000         208,000  $      2,496,000
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 42  $                236.00 150  $                  316,420  $   316,420  $         316,420  $   316,420  $   316,420  $   316,420  $   316,420  $   316,420  $   316,420  $   316,420  $     316,420  $     316,420  $     316,420  $      3,797,040
                                   
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]    $                    17,522          17,522               17,522          17,522          17,522          17,522          17,522          17,522          17,522          17,522           17,522           17,522           17,522  $         210,269
Medicare -- 6.00%    $                    16,957          16,957               16,957          16,957          16,957          16,957          16,957          16,957          16,957          16,957           16,957           16,957           16,957  $         203,486
Federal Unemployment Tax (FUTA)  $                      7,000 0.50%[4]    $                         123               123                    123               123               123               123               123               123               123               123                123                123                123  $             1,470
State Unemployment Tax (SUTA)  $                      7,000 2.25%[5]    $                         551               551                    551               551               551               551               551               551               551               551                551                551                551  $             6,615
Employee Pension Programs -- 1.50%    $                      4,239 [6]            4,239                 4,239            4,239            4,239            4,239            4,239            4,239            4,239            4,239             4,239             4,239             4,239  $           50,872
Worker's Compensation -- 3.50%    $                      9,892 [7]            9,892                 9,892            9,892            9,892            9,892            9,892            9,892            9,892            9,892             9,892             9,892             9,892  $         118,700
Employee Health Insurance -- 10.45%    $                    29,534 [8]          29,534               29,534          29,534          29,534          29,534          29,534          29,534          29,534          29,534           29,534           29,534           29,534  $         354,405
Other Employee Benefit Programs -- 0.00%    $                              - [9]                   -                         -                   -                   -                   -                   -                   -                   -                   -                     -                     -                     -  $                     -
Total Payroll Taxes and Benefits   30.40%    $                    78,818  $     78,818  $           78,818  $     78,818  $     78,818  $     78,818  $     78,818  $     78,818  $     78,818  $     78,818  $       78,818  $       78,818  $       78,818  $         945,818
                                   
Total Salaries and Related Expenses        $                  395,238  $   395,238  $         395,238  $   395,238  $   395,238  $   395,238  $   395,238  $   395,238  $   395,238  $   395,238  $     395,238  $     395,238  $     395,238  $    4,742,858
[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.