Hello, today we are going to discuss workers' compensation insurance. It is an insurance policy purchased based on an estimated payroll. So, you estimate the payroll for your employees for the entire year and purchase your policy at the beginning of the year. This insurance provides coverage for people who are injured while working on the job. The rate for workers' compensation insurance will vary, just like your car insurance rate, based on the dangers associated with the job. If you have employees engaged in underwater welding, for example, your rate will be higher compared to having four employees working in a teaching classroom. The rate varies based on the level of job hazards. To start off, let's calculate the amount needed for the workers' compensation insurance. We'll take $450,000 multiplied by half a percent, which is 0.005. Sliding the decimal two places to the left, we get $2,250. So, we need to purchase workers' compensation insurance for the entire year based on this amount. Once we purchase the insurance and make the payment in cash, we will be covered for the entire year. Our estimated payroll for all employees is $450,000. However, at the end of the year, we find that our true payroll was $430,000. If our estimated payroll is higher than the actual payroll, we may receive a refund. In this case, our estimated payroll was higher, so we will be receiving a refund. However, the refund is receivable, meaning we haven't received the cash on our desk yet. We are planning to receive the refund from the insurance agency. It's important to note that even though we will receive a refund, we will not undo the entire insurance expense of $2,250. Instead, we will only receive a refund based on the difference between the estimated and actual payroll. The...
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Workers compensation s for employers Form: What You Should Know
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