True Cost of Hiring Calculator
The fully loaded cost of a Finance & Banking hire in Tennessee combines Tennessee’s 1% SUTA rate with the Finance & Banking workers’ comp rate of $0.40/$100, typical Finance & Banking benefits, and overhead.
Open the CalculatorPre-configured with Tennessee tax rates and Finance & Banking benchmarks. Adjust salary, benefits, and overhead to model your specific hire.
Total Annual Cost
$121,610
Loaded multiplier: 1.28× base salary
Open the interactive calculator to adjust every input and export a PDF report.
Combined Tennessee state tax rates and Finance & Banking industry benchmarks for 2026.
Each figure combines Tennessee statutory rates with Finance & Banking industry estimates. Statutory rates are fixed by law; published benchmarks come from BLS and SHRM; representative estimates vary by employer and carrier; and benefit/overhead defaults are editable TrueHireCost modeling assumptions.
| Metric | Value | Type | Source | Last verified |
|---|---|---|---|---|
| Tennessee SUTA rate | 1% | Representative estimate | Tennessee Department of Labor & Workforce Development | Aug 2026 |
| Tennessee SUTA wage base | $7,000 | Official statutory figure | Tennessee Department of Labor & Workforce Development | Aug 2026 |
| Finance & Banking workers’ comp | 0.4 / $100 payroll | Representative estimate | DOL Office of Workers’ Compensation Programs | Aug 2026 |
| Finance & Banking median salary | $95,000 | Published benchmark | BLS Occupational Employment & Wage Statistics | Aug 2026 |
| Finance & Banking monthly benefits | $800 | Representative estimate | BLS Employer Costs for Employee Compensation (ECEC) | Aug 2026 |
| 401(k) employer match | 5% | TrueHireCost modeling assumption | TrueHireCost methodology | Aug 2026 |
| Annual overhead | $4,500 | TrueHireCost modeling assumption | TrueHireCost methodology | Aug 2026 |
| Tennessee minimum wage | $7.25/hr | Official statutory figure | Tennessee Department of Labor & Workforce Development | Aug 2026 |
| Employer FICA | 7.65% | Official statutory figure | IRS Publication 15 (Circular E) | Aug 2026 |
How to read this table
A Finance & Banking hire in Tennessee at the median $95,000 salary costs approximately $121,610 fully loaded — a 1.28× multiplier combining Tennessee’s 1% SUTA with Finance & Banking workers’ comp at $0.40/$100.
Healthcare, manufacturing, logistics, and music/entertainment drive Tennessee’s economy.
Finance hiring is steady in compliance, risk, and fintech, offset by consolidation in traditional branch banking. In Tennessee, selective hiring of analysts, advisors, and compliance staff, with bonus-driven retention concentrated in financial centers.
When hiring Finance & Banking staff in Tennessee, budget for the 1% SUTA rate on the first $7,000 of wages, $0.40/$100 workers’ comp, and no state income tax withholding.
Tennessee Department of Labor & Workforce Development
Tennessee workforce agency
Finance & Banking wages & turnover
Federal employer tax guide
Finance & Banking industry resource
Finance & Banking industry guide →
Editorial Standards
Maintained by the TrueHireCost editorial team
TrueHireCost is an independent research and tooling project. Our content is written and maintained by the TrueHireCost editorial team — not by a licensed CPA, attorney, or HR certificant, and no named professional endorses or "verifies" these pages. Rates, wage bases, and benchmarks are collected from official public sources (IRS, U.S. Department of Labor, state workforce agencies, and the Bureau of Labor Statistics) and labeled with their source and last-reviewed date. State SUTA, workers’ comp, and minimum-wage figures are representative new-employer estimates and should be confirmed with the agency for your specific situation.
Found an outdated rate or a calculation that looks wrong? Email editorial@truehirecost.com and we’ll review and correct it. TrueHireCost is an informational tool, not professional tax, legal, or HR advice — consult a qualified professional before making hiring or payroll decisions.
Last updated 2026-08-24
Every rate and formula is checked against the issuing agency before publication. Last updated 2026-08-24.
IRS
FICA, FUTA tax rate & wage base
U.S. DOL
FUTA credit, federal wage & hour
State Workforce Agencies
SUTA rates, wage bases, new-employer rates
BLS
Industry salary benchmarks & turnover
The fully loaded cost combines Tennessee’s 1% SUTA rate with the Finance & Banking workers’ comp rate of $0.40/$100, a typical $95,000 median salary, $800/month benefits, and overhead. Use the calculator above for a precise Tennessee Finance & Banking estimate.
Yes — Workers’ comp required for 5+ employees (construction all). The Finance & Banking class code sets the rate at $0.40 per $100 of payroll.
Finance & Banking roles typically pay $55,000–$250,000. Tennessee Finance & Banking salaries may vary by metro and experience.
For Estimation Purposes Only
TrueHireCost provides hiring cost estimates for informational purposes only and is not professional tax, legal, or HR advice. Actual employer costs vary by experience rating, industry classification, carrier, and jurisdiction. Consult a qualified CPA, tax advisor, or HR professional before making hiring or payroll decisions.