Budget for Newly Hired Teacher

Job Description and Requirements

The budget will focus on a new elementary school teacher. The teacher will have a number of roles that include instructing children and preparing lesson plans. Others include monitoring and evaluating student’s performance. The teacher should have a bachelor degree in teaching, 1-2 years of experience in teaching or related field. The teacher should be familiar with standard procedures, practices, and concepts in a specific field. Should be able to use the limited experience to plan and attain goals and to conduct a number of tasks. The teacher should be in a position of working under general supervision, that is the teacher should characteristically report to the school principal. The teacher should also have a certain level of latitude and creativity to keep the student engaged and attentive (Salary, 2015).

Job Compensation

The new elementary school teacher will have the base annual salary of $41,535. The teacher will be given this beginning teacher annual salary since he or she will be expected to have minimum experience of 1 to 2 years and thus, he or she cannot be considered as a beginner (Cde.ca, 2014). This experience will put the teacher in the middle range and thus, he or not will not be employed as a beginner. The teacher will not receive any incentives but he or she will receive extra duty pay if he participate of physical education. This will be 5% of the total pay which will be equivalent to $2076.75. In this regard the total earnings in this case will be equivalent to $43611.75. The teacher will also enjoy a number of payments to the government as defined by the Federal Insurance Contributions Act (FICA).

Based on FICA 12.4% of the teacher’s salary should go to the social security funds. This is equivalent to $5407.86. In addition 2.9% of the teacher’s salary will go to Medicare. This will be equivalent to $1264.74 of the teacher’s salary per year. The teacher just like all other individuals who work in the United States must contribute to both social funds and Medicare to assist in offering affordable medical care to all in the country and also to support the elderly in the society. In this case the employer pay half while the employee pays the other half. In this regard, apart from $43611.75, which is considered as the teacher’s pay, the employer will pay a total of ($1264.75 + $5407.86.) $6672.61 extra as an employer contribution for Social Funds and Medicare every year for this particular employee (Investopidia, 2015).

The employee will also enjoy a number of benefits which will also cost the employer. Among these benefits include paid leaves of about 15 days per year. Other benefits include health insurance which will be 10% of individual annual salary. In this case, the annual health insurance will be $4361.2. This money is only used if the teacher or any of his or her dependent will need medical attention. The teacher will also expected to have a salary increase of 3% 12 months after the day of employment. This implies that after twelve months the teacher will receive $1308.35 extra. Based on this analysis, it is evident that the school will have a budget of
$ (43611.75 + 6672.61 + 4361.2) = $54645.56 for the first year of employment as the new teacher compensate. However, in the second year this will increase to $55953.91.    

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