A Nevada contractor has 8 employees with a total annual payroll of $480,000. If the workers' compensation rate is $3.25 per $100 of payroll, what is the annual premium?
Correct Answer
C) $15,600
Premium = ($480,000 ÷ $100) × $3.25 = 4,800 × $3.25 = $15,600
Why This Is the Correct Answer
Premium = ($480,000 ÷ $100) × $3.25 = 4,800 × $3.25 = $15,600
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