A Workers Comp Manual Premium is calculated using the classification code payroll multiplied by the assigned manual rate for that code and then divided by 100. As an example, if class code 8810 has an assigned rate of $.62 and the total payroll for that code is $15,000, the formula would be $15,000 times $.62 divided by 100=$93.00.
Each individual classification code would be calculated using its assigned rate and payroll.
From this point, experience modifiers, credits, surcharges or premium discounts would be applied to arrive at total premium due.
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