LO 6-1, 6-4 At Fox Furniture, employees are classified according to the job title for workers’ compensation insurance premium computation purposes.

a. Based on the following payroll estimates as of January 1, what is the estimated workers’ compensation insurance premium for the year 2023?

b. The actual payroll for 2023 is listed below. What is the workers’ compensation premium based on the actual payroll?

c. What is the difference between the actual and the estimated premiums?

Transcribed Image Text:

Employee Classification Rate per $100 of Payroll Estimated Payroll for 2023 Workers' Compensation Premium Sales Associate $0.55 $213,680 Loader 2.15 155,240 Furniture Builder 2.95 102,590 Total Premium =