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Wednesday, August 24, 2022
The cost of employment in each state--Hawaii 7th Highest
By Selected News Articles @ 10:52 PM :: 2632 Views :: Hawaii Statistics, Labor, Small Business

The cost of employment in each state

from Tipalti.com

How much does it cost to hire an employee in each state?

The biggest step for a small business is hiring the first employee as you’re making an investment in the future of your company, laying the groundwork for growth and increased productivity.

But hiring new people can be a daunting expense, with time and money spent on training as well as the many payroll taxes that have to be deducted from your business all adding up.

So, how much does it cost you to hire a new employee? We’ve taken a look at salaries, taxes, and benefits around the country to find the average cost of employing new workers in every state.

Hawaii is the 7th most expensive state in which to hire.

How much could employees be costing you in Hawaii?

HAWAII

$59,760  Salary

  • $3,705  Social Security 
  • $867  Medicare 
  • $3,586  Federal Unemployment 
  • $299  Disability Insurance 
  • $1,422  State Unemployment 
  • $6,188  Health Insurance 
  • $1,793  Retirement Plan Contribution 

$17,859  TOTAL (not including salary)

NOTE: Taking the top spot as the state with the highest unemployment contributions per employee is Hawaii at $1,422 annually. Despite not having the highest tax rate, Hawaii has the highest wage base allowing for bigger tax contributions from employers.

read … Full Report

PBN: Hawaii ranked 7th most expensive state for hiring new employees

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