Table 16.5 Building Wage and Insurance Rates\" Workmen\'s Health and Welfare Pro
ID: 2572087 • Letter: T
Question
Table 16.5 Building Wage and Insurance Rates" Workmen's Health and Welfare Property Compensation Liability Damage ice Public Locals Pension Vacation Training Misc $2.00 $0.74 $0.76 $0.80 $0.82 $0.34 Asbestos Workers 0.20 0.04 20.30 $1.20 S1.50 S18.70 $1.00 $18.90 S .90 17.80$1.10 $0.72 $0.54 $0.52 $0.58 $0.42 $2.00 $1.88 $0.40 $0.88 $0.54 Boilermakers Bricklayers S2.10 S1.10 S1.00 S.80 0.9% 1.00 S1.30 S0.40 S1.30 S.80 $12.92 S7.10 $11.34 S 5.02 S 4.38 11.22 $29.18 S 7.50 S 7.18 S 6.96 $1.30 $0.16 prom $0.40 bldg- S0.20 admin. S0.10 educ 0.04 Carpenters Cement Masons Electricians 0.05% 0.14 S0.14 $20.90 0.8% Operating Engineers $18.70 $1.50 $19.20 $1.14 12.50 $0.66 $1.30 18.34$1.10 $3.00 $0.38 $0.26 $0.78 Iron Workers S1.00 Laborers s500/yr Painters Plasterers $18.90 s0.40 bldg. $0.20 prom $0.12 prom Plumbers 21.50 $1.00 1.30 0.22 5.60 $0.58 Sheet Metal $20.40 $1.40 $1.00 S0.08 $0.18 ind. S7.14 $0.41 S0.40 Unemployment 5.0% Social Security 7.65% These rates are only indicative of wage and insurance rates. They are not representative of current data. Rates are applied per $100 of pay. Public liability. Maximum coverage under these rates $5000/person,S10,000 per accident For higher coverage-S 10,000520,(xx): 1.26 × basic rate $25,0(RES,'KK): 1.47 × basic rate $50,000/1,(xx): 1.59 × basic rate $300,lXXys00-(XN): 1.78 × basic rate Property damage: Maximum coverage under these rates $500person, $25,000 per accident For higher coverage-S25JM)()/100.(XX): 1.23 × basic rate ssouxxy100,000: 1.30 × basic rateExplanation / Answer
Solution:
Base Wages : $21 per hour
Total amount payable based on the actual working hours
Taxes are paid on the actual wages and Worker's compensation is calculated based on the base wages.
@ As specified in the table - Workmen's compensation is applied per $100 of pay. Hence the rate has been applied on the base wages of $21 per hour and not on the actual wages
Answer : The Hourly cost to employ the carpenter - $37.84
Details Amount Monday to Friday - Base rate for 8 hours per day @ $21 per hour (8*5*21) $840 Monday to Friday - Overtime rate for 2 hours each day @ overtime rate (2*5*21*1.5) $315 Saturady and Sunday - 8 hours per day @ double time rate (8*2*21*2) $672 Total wages $1827 Actual hours worked (Monday to Friday - 10 hours/day and Saturday and Sunday - 8 hours/day) 66 Actual wages per Hour (1827/66) $27.68 per hourRelated Questions
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