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Intuit

About Workers' Compensation in QuickBooks Desktop

If you have a payroll service subscription, Intuit offers a pay-as-you-go service that automatically pays Workers' Compensation premiums every time you run payroll. Alternatively, you can manually track and report your premiums using the manual Workers Compensation feature in QuickBooks.

Terminologies
  • Workers Compensation code - the way Workers' Compensation insurance companies divide the types of work your employees perform, so they can determine what insurance rate to assign to each type of work.
  • Experience Modification factor - rates assigned by some insurance companies to use when you calculate your Workers' Compensation premiums. This rate is based on your company's record of Workers' Compensation claims. The better your track record, the lower your rate (or at least the fewer increases), which sometimes results in a discount on your Workers' Compensation premiums. The more claims you have, the higher your rate, which sometimes results in a higher premium.