Man, I haven?t posted anything new for way too long, mostly because I have been devoting a lot of time to studying for my next CPCU test?..?Accounting and Finance for Insurance Professionals.? Does anything sound more dry and boring than that?? Accounting/finance/insurance??.sounds worse than influenza/ the DMV/ or paying bills. Oh well, I am learning a lot.
Anyways, someone asked me a good question today. This came from a salon owner, ?Do I include tips in my payroll estimate (for workers compensation insurance)? The answer to this question is NO, do not include tips. Tips and?severance?pay are to be disregarded in developing payroll with one exception: sums for accrued vacations, sick pay, commissions, and bonuses included in?severance?pay shall?be included.
One the same note, with regards to overtime, only straight time is used in the premium calculation for workers compensation insurance. In other words, all hours worked are considered but only at straight-time rates. Premium rates for pay of overtime are disregarded. However, payroll records must be kept which show these details.
Bonuses are considered as regular compensation and used in developing payrolls.
Premium pay for working certain hours on the?clock, such as swing shift or night shift work, is used in developing payrolls.
-JK
Source: Merritt Manual
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