Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter required: Calculate the estimated cost of workers' compensation insurance for the year.
Answer:
$504 per year
$126 per quarter
Explanation:
workers' compensation insurance = payroll x insurance rate.
$84,000 x 0.6%
$84,000 x 0.006 = $504 per year
$504 ÷ 4 = $126 per quarter
