To calculate the total budget for the employee's salary and fringe benefits, follow these steps:
1. Calculate the annual salary of the new graduate:
Multiply the hourly rate ($11.00) by the number of hours per year (2080 hours).
Annual Salary = $11.00/hour * 2080 hours/year
2. Calculate the cost of fringe benefits:
Multiply the annual salary by the fringe benefit percentage (24%).
Fringe Benefits Cost = Annual Salary * 24%
3. Calculate the total budget:
Add the annual salary and the fringe benefits cost.
Total Budget = Annual Salary + Fringe Benefits Cost
Let's calculate the numbers:
1. Annual Salary:
$11.00/hour * 2080 hours/year = $22,880.00/year
2. Fringe Benefits Cost:
$22,880.00/year * 24% = $5,491.20/year
3. Total Budget:
$22,880.00/year + $5,491.20/year = $28,371.20/year
Therefore, the supervisor must budget $28,371.20 for the employee's salary and fringe benefits.