This screen defines the amount of the Workmen's Comp payments the Farms are required to make. The payments are broken down into two types, the Initial payment and 4 Quarterly payments. The total amount of their fee is 10% of their total payroll.
Initial Payroll Percentage: The amount of the workmen's comp fee for each farm will be the Total Annual Workmen's Comp fee Multiplied by the Initial Fee percentage.
Initial Payroll Percentage Example:
Assume the annual payroll for a farm is $100,000, the Farm WC Payroll Percentage is 10%, and the Initial Payroll Percentage is 25%. The annual workmen's comp fee will be $10,000. (10% of 100,000). The amount of this transaction will be $2,500 (25% of 10,000).
WC Farm Payroll Fee: The amount of the workmen's comp fee for each farm will be the "Total Annual workmen's Comp fee" multiplied by the remaining percentage and then divided by four.
Quarterly Payment Example:
Using the same assumptions from the previous example, the amount of this transaction will be $1,875 (75% of 10,000 divided by 4).