Screenshots show the workbook with a sample role. Your own numbers replace the example.
Employee Cost Calculator
See what an employee costs in full, not just the salary. The workbook adds payroll taxes, benefits, workers' comp, paid time off, and overhead, then gives you the fully loaded annual cost, the cost per month, and the real hourly rate.
One-time purchase, no subscription. Instant download.
Built by expert HR practitioners and leaders
- The fully loaded annual cost from your own numbers: base pay, bonus, taxes, benefits, workers' comp, admin, and overhead in one figure
- The real hourly cost and the multiple of pay, so the number compares cleanly to a bill rate or a budget line
- 2026 employer payroll taxes built in: Social Security to the wage base, Medicare, and FUTA, with your state SUTA and workers' comp as inputs
- An optional first-year view that adds one-time recruiting, onboarding, and equipment on top of the ongoing cost
- Open, editable formulas in Excel or Google Sheets, so every rate and assumption is visible and yours to adjust
The workbook does the math from your inputs. The assumptions are yours to set, so calibrate them to your own tax, benefit, and overhead costs.
Planning estimates and general business information, 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.
Not the right fit? Take the 60-second match.
Last reviewed June 2026
One Excel workbook that turns pay into the real cost
A working model, not a blank sheet. You enter what you know, the workbook handles the federal payroll taxes and the math, and you read the fully loaded cost. It opens on a filled-in example so the calculation is clear before you change a number.
Employee Cost Calculator
Enter base pay or an hourly wage and scheduled hours, plus bonus or commission, health and other benefit costs, a retirement match, workers' comp, 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. Paid time off and holidays spread the cost over fewer worked hours, which raises the real hourly figure.
2026 rates and an optional first-year view
Employer Social Security to the 2026 wage base, Medicare, and FUTA are applied for you; your state SUTA rate and wage base, workers' comp class rate, and benefit costs are inputs you control. An optional section adds one-time recruiting, onboarding, and equipment so you can also see a first-year total, kept separate from the ongoing annual cost.
Three steps from a salary to the real cost
You set the inputs, the workbook does the math, and the number is ready to use in a budget, an offer, or a bill rate.
Enter your numbers
Base pay or wage and hours, bonus or commission, your benefit costs and retirement match, workers' comp, your payroll and overhead, and your state SUTA. The federal payroll taxes fill in on their own.
Read the fully loaded cost
The annual total, the multiple of pay, the cost per month, and the effective hourly cost, with the breakdown showing how much sits in taxes, benefits, and overhead versus pay.
Use the number
Budget a hire, set or sanity-check a bill rate, or test an offer. Duplicate the sheet to compare a second role, and add the optional one-time costs when you want a first-year view.
A cost number that holds up with finance
A cost estimate is only as good as the assumptions under it, so the workbook keeps every rate and multiplier on the surface and uses current federal figures.
Who it's built for
Who this tool fits, and where to go if that's not you.
Built for
- An owner or HR lead pricing a hire, who needs the real cost behind the salary before committing to it.
- 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, not what they cost to employ. The Cost of Turnover Calculator covers separation, replacement, and lost-productivity cost.
- How many people you need and what it takes to staff them. The FTE Headcount Planner sizes headcount against demand, and the Workforce Planning Pack adds shift coverage, overtime versus hiring, and labor burden.
Before you buy
What format is it and can I edit it?
How is this different from the free calculator on your site?
Are the numbers exact?
Why does paid time off change the hourly cost?
What is the refund policy?
What happens after I buy?
Can I expense this purchase to my business?
Most customers buy TrueStep HR tools for business use, and a tool you use for work often qualifies as a deductible business expense. Whether it does for you depends on your situation, so confirm with your accountant or tax professional. Your receipt arrives by email at checkout and works as documentation.
The 6 red flags to check before you discipline or fire someone
A five-minute screen that catches the most common and most expensive people-decision mistakes before they happen. Free PDF, sent to your inbox. Unsubscribe anytime.
Know what a hire really costs before you make it
The fully loaded annual cost, the cost per month, and the real hourly rate, from your own numbers in a file you keep.
Planning estimates and general business information, not legal or tax advice. Last reviewed June 2026.