Question

6. Math A business located in Missouri has a total payroll of

$8,563,928. If they are required to pay worker's compensation on
the first 8 percent of their payroll costs, what would be the mini-
mum and maximum amount they would have to contribute based
on the information in the lesson?

Answer 1

To find the minimum and maximum amount the business would have to contribute for worker's compensation, we need to calculate 8 percent of their total payroll.

To find 8 percent of a value, we can multiply the value by 0.08.

Minimum contribution:

$8,563,928 * 0.08 = $685,115.04

Maximum contribution:

The maximum contribution would also be $685,115.04 since it is based on the first 8 percent of their payroll costs.

Therefore, the minimum and maximum amount the business would have to contribute for worker's compensation is $685,115.04.