The budgeted statement of employee benefit costs consists of employer-paid expenses for employee benefits. Employee benefits include the company's expense for medical insurance, life insurance, disability insurance, vacation pay, and other types of benefits, but they do not include salaries and wages.
Company-paid employee benefits, such as the employer's portion of expenses for employee medical insurance, life insurance, disability insurance and other benefits, are a part of the budgeted statement of employee benefit costs. In addition, the employer's portion of payroll taxes is an expense to the company and is a part of the budgeted statement of employee benefit costs. The payroll taxes paid by employers are considered an employee benefit because they go to the employees' accounts in the U.S. social security and Medicare system.
The budgeted statement of employee benefit costs consists of employer-paid expenses for employee benefits. Employee benefits include the company's expense for medical insurance, life insurance, disability insurance, vacation pay, and other types of benefits. Payroll deductions withheld from employees are not employer-paid expenses; they are employee-paid expenses. Thus, payroll deductions withheld from employees are not expenses to the company, and they are not part of employee benefit costs to the company.
The budgeted statement of employee benefit costs consists of employer-paid expenses for employee benefits. Employee benefits include the company's expense for medical insurance, life insurance, disability insurance, vacation pay, and other types of benefits, but they do not include salaries and wages.
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