by Drew Roberts, CPCU, ARM
- - Wages or salaries, including retroactive wages and salaries
- - Total cash received by employees for commissions, draws against commissions, piecework, profit sharing, and incentive plans
- - Bonuses, including stock bonus plans
- - Pay for holidays, vacations, and sick leave
- - Employees’ share of Social Security and similar statutory plans even if paid by the employer
Remuneration excludes some pay received by employees and the following can be deducted from the total remuneration:
- - Overtime - the extra amount of pay above the regular wages may be excluded for overtime hours that are worked by employees.
- - Tips
- - Payments by employees for group insurance or pension plans
- - Special awards for invention or discovery
- - Severance Pay
- - Executive officers have a minimum and maximum limits for their payroll if they are included on the policy
- - Partners and Sole Proprietors have a fixed amount of payroll if they are included on the policy
Please refer to the article entitled ‘Introduction to Workers Compensation Insurance’ for more information on workers comp insurance for Florida landscaping businesses. If you have any more questions about the difference between payroll and remuneration and how this affects the premium on your workers’ compensation insurance policy, please do not hesitate to contact the agents at BearWise Landscapers.