Company Worker Comp in TRAXPayroll
Purpose: TRAXPayroll can store workers' compensation rates to assist with premium payment estimates. This help guide will show you how to add or edit workers' compensation codes in your account.
All workers' compensation rates should store in TRAXPayroll with the exception of Washington State L&I. To read more about how to enter this in BambooHR, click here.
Worker Comp
TRAXPayroll can store workers' compensation rates to assist with premium payment estimates. Companies have assigned classification codes and rates based on the type of work performed. Each employee has the applicable code assigned to them. You can pull reports that list employees' wages and workers' compensation calculations based on the rate they are assigned.
On the Company's Worker Comp tab, you can:
- Add a new Worker Compensation record
- Edit an existing Worker Compensation record
- Add or edit existing Worker Compensation rates
- Worker Comp Code: Enter the code assigned by your Worker Comp company.
- Work Comp Description: Add a description to assist when assigning this code to employees.
- Active: Check this box to activate the new code.
Be sure to save the new Worker Comp information.
Click Edit next to the Worker Comp in the list to make any necessary updates. Be sure to save the changes.
Click Add/Edit Work Comp Rate next to the corresponding Worker Comp in the list. Then, click Add Worker Comp Rate or Edit next to the rate.
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 will calculate by multiplying the rates by the hours entered in payroll. Estimated hours will be for salaried employees. This calculation does not include time off.
Be sure you set up your employees to work in Washington and select the Worker Comp code in each employee's Job tab in BambooHR for this calculation to work in payroll.
The Worker's Compensation Salary List and Worker's Compensation Estimate are two standard date range reports available to you under the Reports tab in TRAXPayroll.
If you need to keep track of specific worker comp metrics not available in those reports, you have the option to create a custom report for an additional cost.
What's next?
Do you still need to set up your tax information on your account?
Do you want to know how payroll hours are estimated?