Reference no: EM133557914

1. Your department wants to hire one 9-month academic faculty member, one 12-month administrative faculty member, two classified staff members, four graduate assistants (one of them in the master's program, the other three in the Ph.D. program), and three letters of appointment faculty members. Calculate how much money you will need in the department's personnel and operating budget lines to employ each of the new hires for one year, given the following parameters (assume their respective contracts begin at the beginning of the fiscal year, unless otherwise noted):

a. The academic faculty member's starting contract will be as a Rank 2 Assistant Professor at Q2 salary.
b. The administrative faculty member's starting contract will be a "C" contract at Q2 salary.
c. One classified staff member will come in as a new hire at a compensation schedule of a grade 27, step 01.
d. One classified staff member will be a lateral transfer with a compensation schedule of grade 29, step 07, with a contract start date of January 01.
e. The graduate assistants will each receive the minimum required starting salary.
i. The master's program graduate assistant will work 10 hours per week, from August 01 - May 31.
ii. One Ph.D. program graduate assistant in the Communication Studies department will work 10 hours per week from January 01 - May 31.
iii. Two Ph.D. program graduate assistants will each work 20 hours per week.

One graduate assistant is in the Criminal Justice program and their contract runs August 01 - June 30. The other graduate assistant is in the Social Psychology program and their contract runs August 01 - July 31. iv. Financial aid assistance will cover up to 9 credits for each semester and 1 credit over the summer. Assume each graduate student will be enrolled in the amount of credits covered by financial aid during their contract period.
f. The letters of appointment faculty will each be on contract for two semesters.
i. One LOA will teach one class per semester (one Fall semester and one
Spring semester), with the approved salary of $3750 per class.
ii. One LOA will be on a 12-month salaried contract, with an approved salary
of $1165.98 per month for 10 hours per week.
iii. One LOA will be on an hourly contract with an expected schedule of 15
hours per week, receiving $21.50 per hour.
Figure out how much in salary, fringe and financial aid (if applicable) you will need in order to support the incoming employees with a budget period of July 01 - June 30. Please break down the salary budget lines into the appropriate categories (professional, classified, graduate assistant, hourly wages), but you may combine the fringe for everyone into one line (pay special attention to contract dates to determine fringe rates).

Please enter the appropriate numbers in the Manager Balance - Budgeted excel template under the column "Original Budget". Please pay attention to how the budget is structured and how the categories each fit under their respective umbrellas.

2. An academic faculty member with an annual salary of $86,725 has asked you to process a non-EDA (extra duty assignment) overload for them. They are allocated $3800 in overload from a grant (not including fringe). Calculate the daily rate, number of days and total amount in salary and fringe associated with the overload (assume you will NOT cross fiscal years and there are 168 contractual days in the academic year).

3. Another academic faculty member with an annual salary of $110,000 has asked you to process an EDA overload for them. They are allocated $8200 in overload (which includes fringe). Calculate the daily rate, number of days and total amount in salary and fringe associated with the overload (assume you will NOT cross fiscal years and there are 168 contractual days in the academic year).

4. Your department is going to hire a grant researcher from September 01, 2022 - August 31, 2023, with a starting salary of $65,000. Calculate the amount in salary and fringe you will need to support this employee for this contract period, paying special attention to the contract dates and the associated fringe rates.

5. You have a new employee starting in your department. Their annual salary is $70,000. They are required to pay 17.5% of their salary post-tax to their retirement account. They have also signed up for the low deductible-PPO employee + family health insurance plan that has a monthly premium of $377.82 pre-tax. The medicare tax rate is 2.9%, with the employer and employee splitting the cost, and their federal tax rate bracket is 22%. How much should the employee expect their monthly net income to approximately be?