How to calculate the amount of money you will need to fund student employment:
Step 1. Multiply number of hours per week * _____ hourly wage * number of weeks in the fall.
Step 2. Multiply number of hours per week * _____ hourly wage * number of weeks in the spring.
Step 3. Multiply number of hours per week * _____ hourly wage * number of weeks in the summer.
Step 4. Add the fall, spring, and summer amount together to get the entire fiscal year funding need for one student. If you have more than one student, do the same for them and add all the student annual funding needs together.
Note: The number of weeks in each semester can be found on the Academic Calendar, the University Calendar or contained in the letter with the Student Intent Forms that are distributed each year. The hourly wage of each student can be found on the Payroll Authorization Form.
If you have multiple students earning different amounts, having different hours, you may want to calculate each one separately for the year and then add the total for each student to get the fiscal year need of funds for the fund/org.
To calculate the benefits, take the total salary you calculated:
Fund $100 to 601651 and $1.00 to 602003 of the same unit.
If a student is taking 6 credit hours or more in the summer, the calculation is the same as above. If the student is taking less than 6 credit hours in the summer, the benefit percentage increases to 9.85%.
Check with the Budget Office at the beginning of each year to see if the benefit percentages have changed.