Formulas and Calculations (Year 2023)
| Description | Calculation and Annotations | |
|---|---|---|
| 1. Best Estimate | Lost Workers’ Compensation Payments (Taxicab Analogous) | = Total Payroll $1,428,574,247/100 * 2023 Workers Compensation Rate of [$3.66 per $100] = $52,285,817.44 |
| Lost Workers’ Compensation Payments (Conservative) | = Taxicab Analogous Calculation $52,285,817.44 * 33 1/3% = $17,428,605.81 | |
| Lost UI Payments | = Total Earnings $1,428,574,247 * UI Tax Rate 1.45% = $20,714,326.58 | |
| Estimated PFML Contributions (Family, Medical, Total) | = Family Leave: Total Earnings $1,428,574,247.00 * Family Rate 0.11%= $1,571,431.67 = Medical Leave: Total Earnings $1,428,574,247.00 * Medical Rate 0.52% = $7,428,586.08 = Total Annual Contribution $9,000,017.76 (Family Leave: $1,571,431.67 + Medical Leave: $7,428,586.08) |
|
| Total | $17,428,605.81 + $20,714,326.58 + $9,000,017.76 = $47,142,950.15 | |
| 2. Low-End Estimate | Lost Workers’ Compensation Payments (Taxicab Analogous) | = Total Payroll $478,263,893/100 * 2023 Workers Compensation Rate of [$3.66 per $100] = $17,504,458.48 |
| Lost Workers’ Compensation Payments (Conservative) | = Standard Calculation $17,504,458.48 * 33 1/3% = $5,834,819.49 | |
| Lost UI Payments | = Total Earnings $478,263,893 * UI Tax Rate 1.45% = $6,934,826.45 | |
| Estimated PFML Contributions (Family, Medical, Total) | = Family Leave: Total Earnings $478,263,893 * Family Rate 0.11%= $526,090.28 = Medical Leave: Total Earnings $478,263,893 * Medical Rate 0.52% = $2,486,972.24 = Total Annual Contribution $3,013,062.52 (Family Leave: $526,090.28 + Medical Leave: $2,486,972.24) |
|
| Total |
$5,834,819.49 + $6,934,826.45 + $3,013,062.52 = $15,782,708.46 |
|
| 3. Middle Estimate | Lost Workers’ Compensation Payments (Taxicab Analogous) | = Total Payroll $1,913,055,570/100 * 2023 Workers Compensation Rate of [$3.66 per $100] = $70,017,833.86 |
| Lost Workers’ Compensation Payments (Conservative) | = Taxicab Analogous Calculation $70,017,833.86 * 33 1/3% = $23,339,277.95 | |
| Lost UI Payments | = Total Earnings $1,913,055,570 * UI Tax Rate 1.45% = $27,739,305.77 | |
| Estimated PFML Contributions (Family, Medical, Total) | = Family Leave: Total Earnings $1,913,055,570* Family Rate 0.11%= $2,104,361.13 = Medical Leave: Total Earnings $1,913,055,570 * Medical Rate 0.52% = $9,947,888.96 = Total Annual Contribution $12,052,250.09 (Family Leave: $2,104,361.13 + Medical Leave: $9,947,888.96) |
|
| Total | $23,339,277.95 + $27,739,305.77 + $12,052,250.09 = $63,130,833.81 | |
| 4. High-End Estimate | Lost Workers’ Compensation Payments (Taxicab Analogous) | = Total Payroll $3,826,111,140/100 * 2023 Workers Compensation Rate of [$3.66 per $100] = $140,035,667.72 |
| Lost Workers’ Compensation Payments (Conservative) | = Taxicab Analogous Calculation $140,035,667.72 * 33 1/3% = $46,678,555.91 | |
| Lost UI Payments | = Total Earnings $3,826,111,14 * UI Tax Rate 1.45% = $55,478,611.53 | |
| Estimated PFML Contributions (Family, Medical, Total) | = Family Leave: Total Earnings $3,826,111,140 * Family Rate 0.11%= $4,208,722.25 = Medical Leave: Total Earnings $3,826,111,140 * Medical Rate 0.52% = $19,895,777.93 = Total Annual Contribution $24,104,500.18 (Family Leave: $4,208,722.25 + Medical Leave: $19,895,777.93) |
|
| Total | $46,678,555.91 + $55,478,611.53 + $24,104,500.18 = $126,261,667.62 |
| Date published: | April 30, 2024 |
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