Employee Cost Calculator

See what an employee actually costs, not just the salary. This Excel workbook adds payroll taxes, benefits, workers compensation, paid time off, and overhead, then returns the fully loaded annual cost, the cost per month, and the real hourly rate.

A working model, not a blank sheet

Enter base pay or an hourly wage and scheduled hours, plus bonus, benefit costs, a retirement match, workers compensation, and your payroll and overhead. The workbook returns the fully loaded annual cost, the multiple of pay, the cost per month, and the effective hourly cost, with a breakdown of where the money goes. Employer Social Security to the 2026 wage base, Medicare, and FUTA are applied for you; your state SUTA rate, workers compensation, and benefit costs stay yours to set. It opens on a filled-in example so the math is clear before you change a number, and an optional section adds one-time recruiting, onboarding, and equipment for a first-year total kept separate from the ongoing cost.

Built for

• An owner or HR lead pricing a hire who needs the real cost behind the salary before committing.
• A consultant or fractional HR lead building a budget or a bill rate a client can stand behind.
• Anyone setting a contractor or staffing bill rate who has to know the loaded cost underneath it.

If you are looking for what it costs when someone leaves rather than to employ, the Cost of Turnover Calculator covers that. To size headcount against demand, see the FTE Headcount Planner and the Workforce Planning Pack.

Before you buy

What format is it, and can I edit it?

It is one Excel workbook that also works in Google Sheets. Every input and formula is editable, and the file is yours to keep and reuse for as many roles as you like. Checkout delivers an instant download link, with the same link emailed on your receipt.

How is this different from the free calculator on your site?

The paid workbook is the file you keep: set your own benefit, tax, and workers compensation assumptions once, reuse the sheet for every role, duplicate it to compare roles side by side, and drop the numbers straight into your budget. The formulas are open, so you can adjust every line. A quick web calculator gives you a one-time estimate; this is the file you keep and reuse for every role.

What is the refund policy?

Digital products are covered by a 14-day money-back guarantee. See the refund policy for the full terms. Questions? Email support@truestephr.com.

These are planning estimates, not legal or tax advice. Federal figures use 2026 rates; state and benefit costs vary, so set them to your own and confirm specifics with a qualified professional.

How the download works

Your files arrive as a single ZIP download, best opened on a computer: save it, extract it (right-click and Extract All on Windows, double-click on a Mac), and open the Start Here file first. PDFs open in any reader, and the editable files work in Microsoft Word and Excel or their free equivalents, including LibreOffice and Google Docs and Sheets. No other software is needed. Step-by-step help for every device is at truestephr.com/pages/download-help.

Scope

This tool is a planning and analysis model. Its outputs depend entirely on the inputs and assumptions you enter, and they are estimates for decision support, not accounting, tax, or legal conclusions. It is not legal, tax, or financial advice, and it is not a substitute for qualified counsel on your specific situation. Check the assumptions against your own data and have any decision with pay, headcount, or separation consequences reviewed against applicable law before you act on it.