In the state of Washington there are two quarterly reports that must be filed with two different agencies — one with the Employment Security Department (form 5208 A&B) and the other with the Department of Labor and Industries.
The 5208A & 5208B reports filed with the Employment Security Department are basically for filing and paying Unemployment Insurance and Employment Administration Fund taxes. The first page (5208A) recaps total wages, exemptions for corporate officers (corporate officers are exempt, only corporate officers for non-profits may elect to be covered) exemptions for wages over the annual limit and net tax due. The second page (5208B) lists the individual employees’ hours and wages for the quarter. If the employee had wages (i.e. bonuses) but did not work any hours make sure to put a zero in the hours field (their system doesn’t like blank fields)
The Workers Compensation report filed with the Department of Labor & Industries requires different information than is required in most workers compensation reports. Unlike private insurers who base their rates on per hundred of payroll, Department of Labor and Industries’ rates are based on hours worked in a particular classification. The form asks for gross payroll and hours worked per classification. This rate per hour is a combination of a small hourly deduction from employee’s paychecks and a much larger employer contribution – this too is unusual as most of the time the expense associated with workers compensation is bore entirely by the employer.
All of these forms may be filed and paid online through the agencies’ site. For more information about filing online please visit their sites. Employment Security – http://www.esd.wa.gov/uitax/taxreportsandrates/fileandpaytaxes/file-your-taxes.php. Department of Labor & Industries – http://www.lni.wa.gov/ClaimsIns/Insurance/File/Online/Default.asp
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About The Author
Tena L. Chase has over two decades of experience directing financial accounting and business management in a variety of industries. Her work has resulted in significant savings and increased profitability for her clients. She is skilled at ensuring strict adherence to governing polices, regulations, and standards and she has an unwavering commitment to help her clients achieve strong financial performance while upholding the highest ethical standards of the accounting profession.
Highlights of Work Accomplished for Past Clients include:
* Identified more than $500,000 in assets that had been inadvertently written off; added assets to balance sheet and notified tax accountant of changes.
* Discovered and corrected $100,000 in overstated expense and liabilities, resulting in increased net income and owner equity.
* Recommended and set up credit card processing and created Web site to establish organization’s online presence.
* Streamlined billing and accounts payable functions, requiring less time and making information more accessible.
* Increased employee benefits at no additional cost to the employer, while saving the company time and money in benefits administration.
Tena is Licensed by the NACPB as a Certified Public Bookkeeper (CPB) and an Intuit Certified QuickBooks ProAdvisor. She holds a Bachelor of Arts degree in Strategic Management from Dominican University of California, a Bachelor of Science degree in Business Administration from Capella University, and three Associate of Science degrees in business from Mendocino College (Accounting; Small Business Management; Business Administration.) Tena was included in the
2009 edition of Stanford Who's Who. Want more information? www.tlcbusinesssolutions.com/tena.html
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Thank you. I’m not a professional journalist. I simply address issues which others have had questions about . . . i.e. the recent posts about payroll reports. I also get some ideas for posts from my website hosting statistics and search strings people have typed in. Do you have any business or accounting related subjects you would like me to write about?
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