The cost of labor is often the most significant expense a small business incurs. According to the US Department of Labor, it's only second to the price of a home.
Depending on the industry, labor expenses can range from 10% to 30% or even higher. Unless you monitor and modify your labor expenditures for your small business, they can quickly eat into your profits.
This is why we want to take the time now to answer some of the most often asked questions small business owners have concerning payroll costs and labor prices.