Under NRS 624, a contractor must maintain workers' compensation insurance. If a contractor has 8 employees with an annual payroll of $480,000, and the rate is $3.50 per $100 of payroll, what is the annual premium?
Correct Answer
D) $16,800
Premium calculation: $480,000 ÷ 100 = 4,800 units × $3.50 = $16,800 annual premium.
Why This Is the Correct Answer
Premium calculation: $480,000 ÷ 100 = 4,800 units × $3.50 = $16,800 annual premium.
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A homeowner files a complaint alleging a contractor performed defective work. The NSCB investigation reveals the contractor violated NRS 624. What is the maximum fine the NSCB can impose for a first offense?
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A contractor completes a $150,000 residential addition. The project required 450 hours of labor at $85 per hour, plus $111,750 in materials. What is the workers' compensation premium using a rate of $3.20 per $100 of payroll?