Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Benjamin Phillips75 said:Would this look right?
5.213x12=62.556
62.556:2088(total fund hours)= $10.00
29.96x630 hours=$6292 mentor compensation
That 5,213.00 figure is gross pay before taxes—not the final take-home amount. I don't have the exact IRS or payroll handbook sitting in front of me, but if we were looking at total employer costs, you'd have to bump that base amount up to account for things like Social Security, Medicare, and unemployment insurance... maybe another 17% or so.