SMB Tools / True cost of hiring
What a hire really costs you
A salary is only the start. Add payroll taxes, benefits, workers' comp, and overhead to see the fully loaded cost, and what it works out to per hour.
Pay
Annual base salary
$
Base pay (annual)$50,000
Taxes and benefits
Employer payroll taxes
%
Health insurance (employer share, per year)
$
Retirement match
%
Workers' comp
%
Overhead and onboarding
Overhead per employee (per year)
$
One-time hiring cost
$
Fully loaded annual cost
$68,750
1.38x base pay · about $33.05 per hour worked
- Over base pay
- +$18,750
- Monthly cost
- $5,729
- First-year (with hiring)
- $72,750
Base pay$50,000
Payroll taxes$4,250
Health insurance$7,500
Retirement match$1,500
Workers’ comp$500
Overhead$5,000
Fully loaded$68,750
An estimate from the rates you entered. Real costs vary by state, plan, and workers’ comp class. Confirm with your payroll provider or accountant before budgeting.