Company Worker Comp
Purpose: Worker Compensation rates can be stored in TRAXPayroll to assist with premium payment estimates. This help guide will show you how to add or edit worker comp codes in your account.
Worker Compensation rates can be stored in TRAXPayroll to assist with premium payment estimates. Classification codes and rates are assigned to companies based on the type of work performed. The applicable code is assigned to each employee. Reports can be pulled that list employees, their wages, and worker comp calculation based on the rate they are assigned.
Click “Edit” next to the worker comp in the list to make any necessary updates. Be sure to save the changes.
Washington Work Comp has both employee and employer rates associated with it. TRAXPayroll can file and pay Washington Worker Comp premiums on your company’s behalf.
If you are setting up a rate for Washington, enter the employer and employee rate. This will calculate the premium. If you choose to pay the premium without charging your employees, leave the employee rate as 0 and enter the full hourly amount in the employer rate field.
Premiums are calculated by multiplying the rates by the hours entered in payroll. Estimated hours will be used for salaried employees. Time off is not included in this calculation.
Be sure your employees are set to work in Washington and the worker comp code is selected in the Employee General tab for this calculation to work in payroll.