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.
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
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.
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.