labor costs

How to Calculate Labor Costs?

Calculating labor costs involves summing up all expenses related to employment. This includes:
1. Wages and Salaries: The gross pay before any deductions.
2. Payroll Taxes: Employer’s contribution to Social Security, Medicare, and unemployment insurance.
3. Benefits: Health insurance, retirement contributions, and other perks.
4. Overtime Pay: Additional compensation for hours worked beyond the standard workweek.
5. Training and Development Costs: Expenses incurred in upskilling employees.

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