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Fishy Cover · 11-21-2007, 02:35 PM

I thought that forum readers would like to know what workmen's comp costs. Our construction company builds houses and does remodeling-- nothing really dangerous but certainly more risky than an offce or retail worker.

Our workmen's comp premium is 20%-- that is for every dollar of payroll we have to pay 20 cents for w/c. When customers ask us how our hourly rates are determined and we tell them this, they are astonished. Also, on top of the WC, we have to pay 7.65% for FICA/Medicare, 2.7% (of the first $8,000 per employee) for state unemployment tax (SUTA) and .8% (also of the first $8,000) for federal unemployment tax (FUTA).

Altogether these taxes amount to 31.15% of payroll. See how much fun it is to be a small contractor!

11-21-2007, 02:35 PM	#9
Fishy Cover Senior Member Join Date: May 2004 Posts: 135 Thanks: 10 Thanked 13 Times in 12 Posts	WC premium I thought that forum readers would like to know what workmen's comp costs. Our construction company builds houses and does remodeling-- nothing really dangerous but certainly more risky than an offce or retail worker. Our workmen's comp premium is 20%-- that is for every dollar of payroll we have to pay 20 cents for w/c. When customers ask us how our hourly rates are determined and we tell them this, they are astonished. Also, on top of the WC, we have to pay 7.65% for FICA/Medicare, 2.7% (of the first $8,000 per employee) for state unemployment tax (SUTA) and .8% (also of the first $8,000) for federal unemployment tax (FUTA). Altogether these taxes amount to 31.15% of payroll. See how much fun it is to be a small contractor!