State Insurance Fund (SIF) will send the Controller's Office a Policy Account Balance file (with the premium amount due for each agency based on the prior pay periods earnings) every payroll.
For questions regarding Workers Compensation please contact the State Insurance Fund at 800-334-2370 or http://www.idahosif.org
Workers' compensation premiums will be distributed by totaling the workers compensation rate for each employee paid in an agency, and then dividing that rate to get a pro-rated percent. The agency premium will be multiplied by the pro-rated percent which will then be the total amount applied to each employee.
Agency Premiums are withheld based on the following formula:
1. System looks up all employees paid on payroll. (STA record)
Employee A
Employee B
Employee C
Employee D
Employee E
2. System then looks up each employees workers comp code with rate
Employee A - WC 8810 .0027
Employee B - WC 8810 .0027
Employee C - WC 8742 .0047
Employee D - WC 5506 .0640
Employee E - WC 9410 .0146
3. System summarizes each individual rate into an agency total
Employee A .0027 / .0890 = .0304
Employee B .0027 / .0890 = .0304
Employee C .0047 / .0890 = .0530
Employee D 0640 / .0890 = .7215
Employee E .0146 / .0890 = .1646
Total Premium from SIF = $200.00
Employee A .030 x 200 = $6.08 +.01 = $6.09
Employee B .030 x 200 = $6.08 +.01 =$ 6.09
Employee C .053 x 200 = $10.60 +.01 = $10.61
Employee D .719 x 200 = $144.30 +.01 = $144.31
Employee E (Complete on next step)
6. The last person processed in the file will be calculated differently. Their premium is the balance remaining after all other premiums have been withheld.
Employee A $6.09
Employee B $6.09
Employee C $10.61
Employee D $143.31
Total Premium withheld to this point = $167.10
Employee E $200 – $167.10 = $32.90