Question

He base rate for a state's workers compensation insurance for a service station attendant is $5.12 per $100.00 paid in wages the payroll for scott park service station for march is 5,784.00. What is the monthly premium for workers compensation insurance?

Answer 1

$2961.41

Explanation:

Base rate for a state workers compensation insurance = $5,12 per $100 paid in wages

Scott park payroll for march = $5784 ( inclusive of insurance payment )

Determine the monthly premium for insurance

$5.12 = $100

First; calculate how many $100 are in $5784

= 5784 / 100 = 578.4

Hence the monthly premium for workers compensation insurance

= $5.12 * 578.4

= $2961.41