Budget Help
Formulas for Calculating Salary, Wages, and Fringe Benefits
If you are on a 10-month salary:
- One Course Reduction = 1/10 of salary shown on your contract
- One Month = 1/9 of salary shown on your contract
Calculation of Fringe Benefits:
- New Full-Time Position = 1.45% FICA med, 6.2% FICA, 10.28% retirement, $114 basic life, and $12,585.12 annually for maximum health
- Faculty Additional Pay = 1.45% FICA med and 6.2% FICA
- Part-Time Faculty = 1.45% FICA med
- Regular Summer Faculty = 1.45% FICA med and 6.2% FICA for additional pay only, 10.28% retirement
- Professional/Admin = 1.45% FICA med, 6.2% FICA and 10.28% retirement
- Part-Time Administrator (monthly employee) = 1.45% FICA med
- Staff (bi-weekly employee) = 1.45% FICA med, 6.2% FICA and 10.28% retirement
- Overtime: 1.45% FICA med and 6.2% FICA
- Part-Time Clerical Staff = 1.45% FICA med
- Graduate Assistants = no fringe benefits are calculated
- Student Assistants = no fringe benefits are calculated
Formula for Calculating Facilities and Administration Costs (Indirect Costs):
- Our federally negotiated rate is 50% of salaries and wages, including fringe benefits.
ASU urges that the full cost of work - both direct and indirect costs - be requested in every outgoing proposal.
