Calculate the workers compensation premium for a South Carolina roofing contractor with $250,000 in annual payroll. The rate classification is 5551 with a rate of $28.50 per $100 of payroll.
Correct Answer
A) $71,250
Workers comp premium = ($250,000 ÷ $100) × $28.50 = 2,500 × $28.50 = $71,250
Why This Is the Correct Answer
Workers comp premium = ($250,000 ÷ $100) × $28.50 = 2,500 × $28.50 = $71,250
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