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How to Calculate Labor Costs: Wages, Payroll Taxes, & Admin Fees

In today's video, we're going to dive into the details of calculating your labor costs for your adult day center. It's a crucial aspect of running a business, yet many people often underestimate it by not considering factors like federal income taxes, social security, medicare, administrative fees, workers' compensation, benefits, and paid time off (PTO). But don't worry, we'll break it all down for you. When calculating your payroll, it's crucial to consider all the hidden expenses. It's not just about the hourly rate you pay your team members. There are other costs to factor in. You've got state taxes, unemployment taxes, Medicare, and Social Security, which can vary depending on where you are. So, I recommend setting aside around 10% to 15% to cover these taxes. Now, when you have four or more employees on your payroll, you'll also need workers' compensation. This can range from 1% to 3% of your payroll costs, depending on your location and the classification of your scope of work. Administrative costs are another factor. Whether it's a flat fee per payroll period or a percentage of your payroll, it typically falls in the range of 1% to 2%. If you're planning to offer benefits like health insurance or PTO, you'll need to budget for that too. This could be around 5% to 10% of your payroll. If you're offering major medical benefits to your team and their families, it might go even higher, possibly 15% or more. So, all in all, you're probably looking at an additional 17% to 30% on top of your gross wages. For example, if you're paying someone $15 an hour, it could end up costing you closer to $18 per hour when you consider all these factors. It's essential to understand these costs because they can significantly impact your budget. If you don't account for them, you might end up undercharging for your services and struggle to offer benefits and PTO down the road. In my experience, I typically use a 20% rule of thumb to estimate these additional costs. However, as your business grows and you plan to provide more benefits, you may need to budget 30% or even more on top of your gross wages. By doing this, you'll have a better understanding of your labor costs and can price your services accordingly, ensuring a healthy margin for your business. So, remember to factor in all these expenses when creating your financial projections. #adultdaycare #seniorcare #labor _________________________________ Join us weekly as we help inspire the next generation of senior care entrepreneurs! Own an ActivAge 🚨 FRANCHISE OPPORTUNITIES: https://activagecare.com/franchise Get 1-On-1 Coaching from Kris: 📲 COACHING CALL: https://adcpro.com/coach ADC Pro Facebook Group ⭐️ JOIN THE MOVEMENT:   / adultdaycarepro   ⭐️ Subscribe to Our YouTube Channel 📺 YOUTUBE: https://www.youtube.com/c/KrisChana?s... → → → CONNECT WITH KRIS CHANA ON SOCIAL MEDIA: ← ← ← ▶︎ YOUTUBE |    / krischana   ▶︎ INSTAGRAM |   / kris.chana   ▶︎ LINKEDIN |   / krischana   ▶︎ WEBSITE | https://krischana.com/