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Saturday, March 27, 2010
You Cost Your Boss More Than You Think
From CNN Money.
"For Jim Garland, who owns a corporate aircraft cleaning and support services company, a $14 per hour worker has a true cost of $19.63 per hour, or about 40% more than base pay. This so-called "loaded rate" includes fixed expenses -- federal and state taxes, health insurance, workman's compensation, uniforms, and paid time off -- along with soft costs like the time spent training a new hire."
...
"Garland outsources his entire human resource department. Joe Sherrier, director of human resources for Employment Enterprises -- the company that manages Garland's HR -- said that as a general rule, business owners should to expect an employee to cost an additional 25% to 30% on top of base salary each year."
...
"State income taxes vary significantly, but federal taxes are standard: Social Security tax is 12.4% on the first $106,800 of earnings, and Medicare taxes run another 2.9% of all wages. The employer and employee each pay half. (The self-employed pay the full cost of both taxes themselves.)
Employers also have to pay a federal unemployment insurance tax of 6.2% on the first $7,000 of each employee's wages. Illinois adds on a state unemployment tax that's currently 3.9% for new companies on the first $12,520 of wages. (Existing companies have their rates adjusted up or down depending on how many former workers file unemployment claims.) Part of the state unemployment tax is deductible from the federal, but that still leaves employers on the hook for a tax bite.
"I can't afford it," Kernc concluded. "When I saw the price to hire somebody, at this point I can't do it."
But Kernc she also knows she can't put it off indefinitely if demand stays high. "I can't work 24 hours per day," she said."
...and then, there's this new HCR monster. Do you STILL wonder why we have rampant unemployment in this country, and wonder if it's going to persist?
This is part of the Europeanization of America--businesses who want to stay in business are going to hire only family members to keep the money (and health insurance coverage) in the family. This will be the only way to get a job outside of government or large corporations.
Expect a further shift to offshoring and outsourcing, mostly from large corporations, so they don't have to meet the arduous requirements and taxes. All that will be left here in America is little Mom-and-Pop stores with all sorts of relatives behind the cash registers. If your family doesn't own a business, you're going to be out of luck for a job (unless you go to government).
Also, look forward to the sell-off of chains (Mickey D's, junk food outlets) to individual ownership, just to avoid HCR costs (over 49 employees, and you get charged up the wazoo). Each "chain store" will become independently owned and operated (mostly by family members) if it isn't forced to dissolve under the new rules of business existence.
What HCR doesn't kill off, the coming VAT tax will (by killing consumption).
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