A contractor completes a $150,000 residential addition. The project required 450 hours of labor at $85 per hour, plus $111,750 in materials. What is the workers' compensation premium using a rate of $3.20 per $100 of payroll?
Correct Answer
D) $1,224
Payroll = 450 hours × $85 = $38,250. Premium = ($38,250 ÷ $100) × $3.20 = 382.5 × $3.20 = $1,224.
Why This Is the Correct Answer
Payroll = 450 hours × $85 = $38,250. Premium = ($38,250 ÷ $100) × $3.20 = 382.5 × $3.20 = $1,224.
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Under NRS 624, a contractor must maintain workers' compensation insurance. If a contractor has 8 employees with an annual payroll of $480,000, and the rate is $3.50 per $100 of payroll, what is the annual premium?
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