You need to figure out how much to charge your client.
Consultants' fee = $75 per hour per consultant x 80 hrs x 4 consultants
Consultants' fee = $6,000 x 4
Consultants' fee = $24,000
Consultants' total = $24,000 + ($24,000 x 0.20)
Consultants' total = $24,000 + $4,800
Consultants' total = $28,800
Your fee = $100 per hour x 160 hours
Your fee = $16,000
Your total = $16,000 + ($16,000 x 0.20)
Your total = $16,000 + $3,200
Your total = $19,200
Grand total = $28,800 + $19,200
Grand total = $48,000
You need to charge your client $48,000.
"Math is important for understanding the laws and rules of fringe benefits for staff. There's quite a bit of math that goes into doing any budget," says Colleen Miron.