A contractor has 8 employees with a total weekly payroll of $12,000. Using South Carolina's workers compensation rate of $3.50 per $100 of payroll for construction, what is the weekly premium?
Correct Answer
B) $420
Weekly premium = ($12,000 ÷ $100) × $3.50 = 120 × $3.50 = $420.
Why This Is the Correct Answer
Weekly premium = ($12,000 ÷ $100) × $3.50 = 120 × $3.50 = $420.
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