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Hours Worked: This field represents the total hours worked by your team on the project. For example, if your team worked 160 hours as regular hours and 10 hours as overtime, the total hours worked would be 170 hours.
Hourly Wage: In this field, you should input the regular hourly wage for your team members. If their hourly wage is $20, then the hourly wage value is $20.
Overtime Hours: If your team worked any overtime hours, you can input that value in this field. In the given example, your team worked 10 hours of overtime.
Overtime Rate: This is where you specify the rate at which overtime hours are compensated. In this example, the overtime rate is 1.5 times the regular hourly wage, which means $20 * 1.5 = $30 per hour.
Benefits: If there are any additional benefits or costs associated with your team's work, you can input that value here. For instance, if the total benefits cost for your team is $500, you would enter $500 in this field.
In the first field, which represents the total hours worked by your team on the project, enter "170" because this encompasses both regular and overtime hours, resulting in 170 hours in total. In the second field, enter "20" as the regular hourly wage for your team members. For the third field, input "10" to reflect the 10 hours of overtime that your team worked. In the fourth field, enter "30" since the overtime rate is set at $30 per hour, which is 1.5 times the regular hourly wage. Lastly, in the fifth field, input "500" to indicate that the total benefits cost for your team amounts to $500. By entering these values accurately, the calculator will perform the necessary calculations to provide you with valuable insights into your labor costs.
Calculate Labor Costs
After inputting the data, the calculator will perform the calculations:
Regular hours cost = 170 hours * $20/hour = $3,400
Overtime hours cost = 10 hours * $30/hour = $300
Benefits cost = $500
Interpret the Results
The calculator will display the calculated costs:
Staff wages: $3,400 + $300 = $3,700
Direct costs: Staff wages + Benefits = $3,700 + $500 = $4,200
Indirect costs: Any additional costs related to the project that aren't directly attributed to labor.
Profit: The desired profit margin you want to include in your pricing.
