Excel users have access to a huge range of free forms, templates, and tools to help them maximize the potential of Microsoft's industry-leading spreadsheet application. Better still, nearly all are free, like Free Employee Hourly Cost Calculator and Labor Burden Estimator from Med-e-Forms. It's all set up and ready to fill in with your data.
We opened the workbook in Excel and enabled editing. As with many Excel templates, it's a busy affair, but color-coding, sample entries, and frequent explanations made for easy setup. Step 1 involved entering tax data, while in Step 2 we entered wages, benefits, paid leave, and similar data. The tool lists several sample employees; we merely had to substitute the names and specifics, and the template did the rest, including calculating FICA, Medicare, and other deductions. It's a little like filling out a tax form, and perhaps just as much fun, but then fun isn't the point; efficiency is this tool's objective, and there we can't fault it. We entered our data and renamed and saved our form, and then went back and reopened it to verify everything was as it should be. It was, which was what we expected. Since it's an Excel template, we could do pretty much anything we could do with any other Excel document, aside from editing embedded objects like the linked ads for the developer's PDF-based tools, its main product line.
Small-business owners and managers will appreciate Free Employee Hourly Cost Calculator and Labor Burden Estimator, which can calculate important data in less time than it takes to say its name. Since you probably already use Excel or a compatible program, we recommend giving it a try. Your bottom line will thank you.
We all know how much we pay employees by hourly or salary, but that is no indication of what their real hourly cost is. Too often we operate our businesses without understanding the real costs of having employees. This simple and straight forward Hourly Costs Calculator will automatically display your true hourly cost of your employees by allowing you to enter all potential Employee Costs including: Employer Paid Taxes; Workers Compensation Insurance; 401K & Liability, Paid Vacation, Sick, Holiday & Training Hours; Any type of benefit, regardless of the frequency.
What's new in this version:
Completely redesigned the application:
-Add, Edit and Delete Staff on the click of a button
-Click to view any employee details from the table below
-Single click to Hide/Show company information
-View Help Pop-ups on single click
-Add in 401K & Liability costs
-View costs with and without company overhead applied
-Ability to enter Hourly billed rate to see profit & profit %