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Stevewh
Stevewh,
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Hi, This is not homework but a business math problem. I am

This answer was rated:

Hi, This is not homework but a business math problem. I am trying to figure out what it costs me to put an Ironworker on the job. I have all the taxes, workers comp, unemployment etc, but I can't figure out the rate for my liability insurance.

What I pay for my liability insurance is figured by what my payroll cost is.
Here is what I know.
The hourly rate of an ironworker is $31.85 per hour
I pay $1,703 per $25,000 of payroll

So what am I paying for insurance per man hour.

I can't say the guy works 40 hours a week for a year. I hire different men out of the hall and they work when I have a job.
Hi,

I think you need the total cost per hour = $31.85+ payroll cost

In that case payroll cost per hour is:

(1703/25000) 31.85 = 2.17 (rounded to the nearest cent)

So total cost per hour is: $31.85 + $2.17 = $34.02

Is that what you wanted ?

Thanks

Customer: replied 3 years ago.

No, I don't think so, or I still don't understand.


My hourly cost for a man is $31.85


To that I need to add the cost of my liability insurance. Are you saying the liability insurance costs me $2.17 per man hour? And if so how did you figure that out so when my rate changes I can do it myself. Thanks

yes,

If you pay $1,703 per $25,000

you pay (1703/25000)31.85 for an amount of 31.85

(1703/25000)31.85 = 2.17

If you have another amount (x)

Just compute (1703/25000)x

Stevewh and other Finance Specialists are ready to help you
Customer: replied 3 years ago.

Yes, Yes, Yes Got it. Thank You!


Just wanted you to know I have asked an Accountant, an Engineer, and a Computer Geek. All gave me different answers.


At least I knew enough to know that I Did Not Know the answer.


Thank you.


How do I connect or request you again if I have more questions?


Thanks


Betty

Just write "For Steve" next time

Thanks
Customer: replied 3 years ago.

thanks. Have a great night

Have a good night too

Remember to rate my answer

Thanks