SECTION 13-5 pp Workers Compensation and

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SECTION 13-5 pp. 436-439 Workers Compensation and Unemployment Insurance pp. 436-439

Key Words to Know workers compensation insurance (p. 436) Insurance that covers employees’ medical expenses and lost wages if they’re hurt on the job.

Formula Premium for Workers = Base × Total Compensation Insurance Rate Payroll

Example 1 The base rate for workers compensation insurance for underground coal mining in one state is $19.89 per $100 paid to employees. The total monthly payroll for a small underground mine is $76,800. What is the monthly premium for workers compensation insurance?

Example 1 Answer Step: Find the premium for workers compensation insurance. Base Rate × (Total Payroll ÷ $100) $19.89 × (Total Payroll ÷ $100) $19.89 × ($76,800 ÷ $100) = $15,275.52

Key Words to Know unemployment insurance (p. 437) A federal and state program that provides financial aid to qualified persons who, through no fault of their own, become unemployed.

Formulas State Tax = State Tax × First $7,000 Amount Rate of Annual Wages Federal Tax = 6.2% – First 5.4% Rate of State Tax Rate Federal Tax = Federal Tax × First $7,000 Amount Rate of Annual Wages

Example 2 A contractor has four employees. It has some unemployment during the year and must pay a state unemployment tax (SUTA) of 5.4 percent. That leaves 0.8 percent (6.2% − 5.4%) for the federal unemployment tax (FUTA). Art Echoke earns an annual wage of $24,750. Compute his federal and state unemployment tax.

Example 2 Answer: Step 1 Find the federal unemployment tax. Federal Tax Rate = 6.2% – 5.4% = 0.8% Federal Tax = Federal Tax × First $7,000 of Amount Rate Annual Wages 0.8% × $7,000 = $56.00

Example 2 Answer: Step 2 Find the state unemployment tax. State Tax = State Tax × First $7,000 of Amount Rate Annual Wages 5.4% × $7,000 = $378.00

438:1-15