Trying to figure out how to fill out your workers’ compensation insurance payroll report can be a headache. You’ll need to sort through paperwork, determine which documents you need, and, finally, submit your payroll reports. If there are any errors in your records, it’s important to note that your insurance carrier will perform an audit at the end of the year and take out any remaining funds that you may owe. To prevent that from happening, let’s talk about how to fill out a workers’ compensation payroll report the correct way.
How Often Do I Fill Out Workers’ Compensation Payroll Reports?
How often you must fill out workers’ comp payroll reports depends on your location. While some states require companies to fill out quarterly reports, others expect them to be filed annually. Still, other jurisdictions assign a designated report date for each individual company. If you’re unsure when you need to file a workers’ compensation payroll report in your state, do some research online to determine the deadlines and frequency of reports in your area.
What Should I Include In Workers’ Compensation Payroll Reports?
You’ll need to report certain information about your employees’ wages when you file a workers’ compensation payroll report. It might be confusing to determine which parts of your employees’ income qualify for this report, but it is actually pretty straightforward once you look at the list of inclusions.
The following payments should be reported:
- Wages
- Commissions
- Bonuses
- Holiday Pay
- Vacation Pay
- Sick Pay
- Maternity Leave Pay
- Allowances
- Lodging
- Salary Reductions (savings, retirement, etc.)
- Reimbursements
- Shift Differentials
What Exclusions Should I Include In Workers’ Compensation Payroll Reports?
While you won’t need to pay taxes on these fees to employees, you’ll also need to include certain exclusions in your report. These include, but are not limited to:
- Tips
- Perks and benefits
- Gifts
Three Arbor Insurance
If you don’t want to pay tons of money out of pocket at the end of the year, it’s important to fill out your workers’ compensation insurance payroll reports the right way the first time. At Three Arbor Insurance, our team of insurance experts are here to help you make sure you have all the right forms, reports, and information in place to prevent errors in your submission.
Contact us today to learn how we can help!
