Company Worker Comp in TRAXPayroll
How do I add codes and track worker comp?
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Purpose: Payroll customers can store workers' compensation rates in TRAXPayroll 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
You can store workers' compensation rates in TRAXPayroll 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.
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.
Washington is the only state where workers comp will be set up in BambooHR rather than TRAXPayroll. For more information on correctly setting this up, visit the Company Tax help guide.
Premiums will calculate by multiplying the rates set up in BambooHR by the hours entered in Step 2 of 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.