Hiring Budget Calculator
Calculate total first-year costs for your new hire including salary, taxes, benefits, equipment, and training.
Enter Hiring Details
$20,000
$200,000
5%
30%
Note: This calculator provides estimates for budgeting purposes. Actual costs may vary based on location, industry, and specific business circumstances. Tax percentages include employer payroll taxes (Social Security, Medicare, unemployment insurance, etc.).
First-Year Cost Breakdown
Base Salary
$50,000
Taxes & Insurance
$7,500
Benefits
$6,000
Equipment & Setup
$2,000
Training & Onboarding
$1,500
Total First-Year Cost
$67,000
This is the estimated total cost to hire and employ this person for the first year. Use this figure to budget for your new hire and make informed hiring decisions.
Tip: To reduce first-year costs, consider remote work options to save on equipment and space, or look for candidates who already have the required skills to minimize training expenses.