Question

Oaks Company has completed the payroll for the month of January, reflecting the following data:

Answer 1

Total labor cost = Salaries and wages earned + FICA payroll taxes = 86000 +6000  =92000

Take home pay = 86,000 - 10,000 -6000 = 70,000.

Labor costs are the sum of all wages paid to employees, plus the cost of employee benefits and payroll taxes paid by employers. Labor costs are divided into direct and indirect costs.

An example of a direct labor cost is the hourly wage of a quality assurance inspector adjusted for health insurance and short-term disability. Another example is the annual salary of a welder working on the production line of a steel parts manufacturer.

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