Employee Benefits Companies must consider many personnel costs. These costs include employee benefits, such as health insurance and vacation days. What are other employee benefits?

Lesson Objective Compute the employer cost for workers’ compensation insurance. Content Vocabulary workers’ compensation insurance Covers employees’ medical expenses and lost wages if they are hurt on the job.

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

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