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Ca Workers Comp Insurance

This is a discussion on Ca Workers Comp Insurance within the Horse Law forums, part of the Horse Resources category

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        09-16-2013, 10:30 PM
      #11
    Trained
    Liability issues are the same whether the op is an individual or corporation when it comes to employees. The shareholders of a corporation are liable for state taxes. In terms of suits, again, it's much the same. If someone sues the corporation and the OP is the major shareholder, making the decisions, they will sue the OP personally as well.

    Still incorporating may be the right financial decision for you. You would need to sit down with an accountant to help you decide that.

    Your easiest answer is to ask an accountant to help you set this up correctly. If you aren't going to do that, then call the CA government and ask them to explain to you how to set up the payroll. Yes, you will get another payroll ID number. You may get two - one federal, one state; I'm not sure how that works there.

    I also found this page that has a lot of information: For Employers They also provide a link to a workers comp rating page and insurers for workers comp. I'm not 100% sure that WC is mandatorily deducted from paycheques. From the little bit that I read, it looks to me like WC is the employer's responsibility. If there is something being deducted from an employee's cheque that appears to be WC, I would double check it. Some companies might get an insurance plan that covers WC, LTD, Life, Dental, etc. and only a portion of the premium is deducted.

    Payroll can be very tricky, Tessa. Please do your homework.

    Ah - actually: brainstorm! It may be easier and more efficient for you to call up a payroll service provider. They can walk you through what you have to set up, then they will crunch the numbers, deposit the employees paycheques and remit to the government departments as well as completing the annual returns! Yes, that is probably the best way to go for you.
         
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        09-16-2013, 10:34 PM
      #12
    Yearling
    Every state has a free Small Business Development Center to help people with these kinds of start-up questions (or can refer you to someone locally if they can't help). I'm sure CA has many regional SBDC offices.

    You can either search via the Small Business Administration, or do a google search for "CA + small business development center."

    Good luck!
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        09-17-2013, 02:40 AM
      #13
    Green Broke
    Maybe the better business bureau could direct you to the correct agency. Also with some of the new laws, depending on the # of employees you may have to get health ins.
         
        09-17-2013, 02:52 AM
      #14
    Weanling
    Quote:
    Originally Posted by NorthernMama    
    Liability issues are the same whether the op is an individual or corporation when it comes to employees. The shareholders of a corporation are liable for state taxes. In terms of suits, again, it's much the same. If someone sues the corporation and the OP is the major shareholder, making the decisions, they will sue the OP personally as well.
    With all due respect, I would disagree with that - and it has not been what I have been told by many different corporate lawyers over the years. Sure, when someone files suit against a corporation, they will frequently name an individual in the suit as well. Common practice. However, a properly set up LLC or corporation will provide a significantly higher level of personal asset protection than a sole proprietorship. Especially when working in the equine business, this is something that should be carefully considered. This is really something a lawyer should advise on as everyone's situation is unique.

    I don't necessarily advocate incorporation, but instead speaking with a professional to understand what benefits and protections it might provide. In my experience, the benefits almost always outweigh any possible disadvantages.
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        09-17-2013, 08:59 PM
      #15
    Trained
    Quote:
    Originally Posted by Tazmanian Devil    
    this is something that should be carefully considered. This is really something a lawyer should advise on as everyone's situation is unique.

    I don't necessarily advocate incorporation, but instead speaking with a professional to understand what benefits and protections it might provide. In my experience, the benefits almost always outweigh any possible disadvantages.
    Definitely agree with this.
         
        09-29-2013, 05:21 PM
      #16
    Foal
    Quote:
    Originally Posted by stevenson    
    Workers Comp Ins, is deducted in payroll taxes in CA. If you are being above board then you have an employer tax id #, and deduct all related taxes soc sec, state, federal , work comp
    In the payroll/ pay check.
    You CAN NOT deduct workers compensation premiums from employee's paychecks in any state including CA.

    Q. Can my employees help pay for my workers' compensation insurance?
    A. No. Workers' compensation insurance is part of your cost of doing business. An employer cannot ask employees to help pay the insurance premium.

    From this site: DWC FAQs for employers

    Workers Compensation IS NOT a benefit, it is a cost of doing business.
         
        09-30-2013, 05:15 PM
      #17
    Green Broke
    Work comp is paid by the employer and shows in the tax area on a pay stub. I did not mean that the employer deducted this from anyones Pay Check.
         
        09-30-2013, 05:34 PM
      #18
    Green Broke
    Also, from an accounting aspect , the wc is in with payroll taxes, on the books.
         
        10-02-2013, 03:11 PM
      #19
    Green Broke
    It sounds as if you are not new to running your business and your CPA should be able to point you in a direction. In Iowa any insurance company can sell you workers comp. Which is a policy provided by the state. They set the rates and in Iowa the minimum premium is around 600.00 for about 9K of payroll. It will depend on how they rate your profession on cost.
         

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