قالب وردپرس درنا توس
Home / Insurance / Worried about the annual audit for work compensation? Was not! How to be prepared and impress the auditor!

Worried about the annual audit for work compensation? Was not! How to be prepared and impress the auditor!



Worried about the annual audit of labor compensation? Was not! How to be prepared and impress the accountant!

After the end of the insurance period, an employee's compensation audit will be performed either by telephone, post or in person. This review is performed by the insurance company or a third party to verify that the grade codes quoted are still correct after the insurance period. It also compares the estimated salary during the review period with your actual salary paid during that period.

Based on the difference, you will receive a bill or a credit to your account.

The following is a checklist of documents that the auditor may request:

PAYROLL RECORDS

  • Wage Summary
  • Government Unemployment Tax Report or Individual Wage Register – RT-6 Reports.
  • Federal Tax Reports (941 covering the insurance period)
  • Overtime registrations

EMPLOYEES

  • Explanation of each employee's data
  • Number of hours worked, days and weeks
  • 19659012] PAYMENT CALCULATIONS [5900] to subcontractors
  • Material purchases
  • Temporary labor payments
  • 1099 Forms
  • General Ledger
  • Income statement
  • Detailed accounts including copies of canceled checks

INSURANCE CERTIFICATES used during [1965919659007] For all independent contractors used

DETAILED DESCRIPTION OF YOUR BUSINESS ACTIVITIES

  • Determines the correct WC (classification codes for workers) for the coverage period under review

, officer and / or r partner
  • Company name
  • percentage of shares they own
  • How long they have been employed
  • Total income
  • EXCEPTIONAL INFORMATION ON APPLICABLE
  • TIPS for checking your Workers Comp Premium cost Catalog

    Be specific with the auditor about the duties of officers and employees. The employee's remuneration policy is based on salaries and the type of work that the employee or salaried employee performs. If an official or an employee only performs office work, the price for that type of work is much lower than most other types of work. Be careful with the information for each employee.

    When an employee performs more than one service, their salary is usually calculated using the highest ranked class code. If possible, separate the salaries for each task so that you do not end up paying more.

    Remember to keep up with your exceptions, set a reminder for a month before the exceptions expire. If your exemption expires, you will have to pay to include the official. If it expires after half the time, there will be a program amount in connection with the official being included.

    When hiring subcontractors, be sure to request an insurance certificate before the job begins, and make sure it includes workers' compensation. If you can prove that the contractor you have hired has compensation for employees and you have proof of coverage during the insurance period, their salaries can be excluded. However, if they do the job without providing it, you are less likely to get them to provide it for your review. They move on to the next job.

    Finally, seek the help of a professional. If you use a payroll company or an accountant, ask them for help with your review. They should be able to quickly access most of the reports and payroll information requested by your auditor.


    Source link