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

### Resolved Question:

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.
Submitted: 2 years ago.
Category: Finance
Expert:  Stevewh replied 2 years ago.
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 2 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

Expert:  Stevewh replied 2 years ago.
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,
Category: Finance
Satisfied Customers: 7610
Experience:
Customer: replied 2 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

Expert:  Stevewh replied 2 years ago.
Just write "For Steve" next time

Thanks
Customer: replied 2 years ago.

thanks. Have a great night

Expert:  Stevewh replied 2 years ago.
Have a good night too

Thanks

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