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Is liability insurance based on hourly base payroll or total payroll including benefits and taxes?
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What is the average cost for COMMERCial liability insurance for a company?
The rate is based on the type of business you have and the gross receipts or payroll.
Employers incur operating costs for which payroll taxes?
Besides salaries and wages earned by employees, employers incur costs for various payroll taxes, including the employer's share of Social Security and Medicare, workers' compensation premiums and unemployment insurance. Often they also incur costs for certain employee benefits, including health insurance and post-retirement benefits. All in all, additional payroll related costs can amount to 30% to 40% of wages and salaries. Call 888-924-1776 for more information about payroll related operating costs.
What are the main rules used by contractors general liability insurance?
Contractors general liability insurance is based on one of two things, total receipts or payroll and cost of subcontractors. Contractors general liability insurance covers a company if their employees get hurt on the job or cause damage to a property while working.
How is general liability insurance calculated for a general contractor in NY?
Well it depends on the company providing the policy. Most will calculate the premium based on your direct payroll and they could also add in payroll for your subcontractors. If you don't want to pick up the premium charge for your subcontractors you will have to show the insurance company that the subs carry their own liability insurance policy. Hope this helps. By the way NY is a difficult state to even find reasonable liability insurance for general contractors.
Why are commercial liability insurance rates based on gross receipts or payroll?
Commercial liability insurance rates are often based on gross receipts or payroll because these factors provide an indication of the size and scale of a business. Gross receipts reflect the revenue generated by the business, which can be an indicator of its potential exposure to liability claims. Payroll, on the other hand, reflects the number of employees and their wages, which can also be a factor in determining the likelihood and severity of potential claims.
Is my liability Insurance based on payroll or sales?
I think that it would be based on the amount of liability protection you need, you don't say exactly what kind of policy you are speaking of. Contact your agent and he will have this information.
Where do you deduct payroll taxes on form 1120?
Payroll withholding is NOT an expense to the Company...it is part of payroll that you send to the IRS/State rather than give to the employee...although the cost of it is his salary. Other payroll costs are recorded as what they are..insurance, employee benefits, etc.
Can a religious employee pay their own unemployment insurance in Florida?
Only the businesses pay a payroll tax to the state of Florida, for the state, in turn to pay benefits. You may possibly find private insurance companies that provide individual unemployment benefits, though.
What are some benefits of using a payroll company?
The benefits of using a payroll company include the fact that payroll companies are on top of the current laws and regulations, and employee taxations are done for you
What is Florida state's unemployment liability premium?
Most state's unemployment benefits are paid from a state's collection of payroll taxes (unemployment taxes) levied against businesses. It's usually based on the size of the business's payroll and turnover rate of workers ( to encourage retention).
What is accounts payroll?
Payroll is one of a series of accounting transactions dealing with the process of paying employees for services rendered, after processing of the various requirements for withholding of money from the employee for payment of payroll taxes, insurance premiums, employee benefits, garnishments and other deductions. It's a fact of business-if a company has employees, it has to account for payroll and fringe benefits. Payroll Accounting includes items such as: * salaries * wages * bonuses & commissions to employees * overtime pay * payroll taxes and costs ** Social Security ** Medicare ** federal income tax ** state income tax ** state unemployment tax ** federal unemployment tax ** worker compensation insurance * employer paid benefits ** holidays ** vacations ** sick days ** insurance (health, dental, vision, life, disability) ** retirement plans ** profit-sharing plans Many of these items are subject to state and Federal Laws; some involve labor contracts or company policies.
ER pays 12 EE pays 12 insurance How do you book this in an journal entry?
Assuming the employee paid via payroll deduction, most companies would post the P/R deduction as a credit to Insurance Expense (or a credit to a contra-account called something like Employee's Contributions to Insurance Expense) directly from the payroll entry. However, you could also post the P/R deduction credit to a liability account called Employee Insurance Payable. Then, when the insurance invoice was posted, half would be debited to Insurance Expense and half to the liability account. This would give you more cost control if you reconciled the payable account with each invoice.
