An employee earning $65,000 annually receives workers' compensation benefits. The workers' compensation premium rate is $2.50 per $100 of payroll. What is the annual premium for this employee?
Correct Answer
A) $1,625
Premium = (Payroll ÷ $100) × Rate = ($65,000 ÷ $100) × $2.50 = 650 × $2.50 = $1,625
Why This Is the Correct Answer
Premium = (Payroll ÷ $100) × Rate = ($65,000 ÷ $100) × $2.50 = 650 × $2.50 = $1,625
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