A contractor needs to determine their worker's compensation costs for year 2024. This contractor specializes in...

 

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A contractor needs to determine their worker's compensation costs for year 2024. This contractor specializes in rough carpentry and drywall installation with three crews in each division. Due to the differences in work requirements, the contractor has to have two different insurance premiums, one for his carpentry division and one for his drywall division. Use the below information to determine the workers compensation insurance premiums for each division and what the total workers compensation cost is for his company. Drywall job code number is 5491 and the carpentry job code number is 6701. (50 points) Year Crew 2020 2021 2022 2023 ABCARCABC А А А С А ABC Drywall Crews # of workers 8 6 9 10 6 7 Table 1: Crew Payroll Costs 976 8 7 7 10 annual payroll costs per worker Crew (S) 38,641.00 38,742.00 39,142.00 39,800.23 39,904.26 40,316.26 3-$1,500 Drywall 2-$4,350 40,994.24 41,101.39 41,525.75 42,224.06 42,334.43 42,771.52 1-$4,500 Rough 2-$3,250 1-$2,500 Carpentry 1-$6,750 2-$8,350 2-$12,000 ABC ABC B C ABU C ABU А C Carpentry Crew # of workers 7 Table 2: Number of losses and cost of each loss for each year Losses claimed per year for each division 2020 2021 2022 2023 1-$4,250 2-$7,000 1-$6,750 3-$5,050 2-$10,000 6867NSS7576 N/A annual payroll costs per worker (S) 40,251.00 40,127.00 40,458.00 41,458.53 41,330.81 41,671.74 42,702.29 42,570.73 42,921.89 43,983.35 43,847.86 44,209.55 N/A A contractor needs to determine their worker's compensation costs for year 2024. This contractor specializes in rough carpentry and drywall installation with three crews in each division. Due to the differences in work requirements, the contractor has to have two different insurance premiums, one for his carpentry division and one for his drywall division. Use the below information to determine the workers compensation insurance premiums for each division and what the total workers compensation cost is for his company. Drywall job code number is 5491 and the carpentry job code number is 6701. (50 points) Year Crew 2020 2021 2022 2023 ABCARCABC А А А С А ABC Drywall Crews # of workers 8 6 9 10 6 7 Table 1: Crew Payroll Costs 976 8 7 7 10 annual payroll costs per worker Crew (S) 38,641.00 38,742.00 39,142.00 39,800.23 39,904.26 40,316.26 3-$1,500 Drywall 2-$4,350 40,994.24 41,101.39 41,525.75 42,224.06 42,334.43 42,771.52 1-$4,500 Rough 2-$3,250 1-$2,500 Carpentry 1-$6,750 2-$8,350 2-$12,000 ABC ABC B C ABU C ABU А C Carpentry Crew # of workers 7 Table 2: Number of losses and cost of each loss for each year Losses claimed per year for each division 2020 2021 2022 2023 1-$4,250 2-$7,000 1-$6,750 3-$5,050 2-$10,000 6867NSS7576 N/A annual payroll costs per worker (S) 40,251.00 40,127.00 40,458.00 41,458.53 41,330.81 41,671.74 42,702.29 42,570.73 42,921.89 43,983.35 43,847.86 44,209.55 N/A