A Georgia contractor has 3 employees with annual wages of $45,000, $38,000, and $52,000. The workers' compensation rate is $7.25 per $100 of payroll. What is the total annual workers' compensation premium?
Correct Answer
C) $9,787.50
Total payroll = $135,000. Premium = ($135,000 ÷ $100) × $7.25 = 1,350 × $7.25 = $9,787.50
Why This Is the Correct Answer
Total payroll = $135,000. Premium = ($135,000 ÷ $100) × $7.25 = 1,350 × $7.25 = $9,787.50
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