A Tennessee contractor has 12 employees with a total annual payroll of $480,000. If the workers' compensation rate for general construction is $8.50 per $100 of payroll, what is the annual premium?
Correct Answer
A) $40,800
Annual premium = ($480,000 ÷ $100) × $8.50 = 4,800 × $8.50 = $40,800.
Why This Is the Correct Answer
Annual premium = ($480,000 ÷ $100) × $8.50 = 4,800 × $8.50 = $40,800.
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