question archive Each jurisdiction outlines late filing penalties for the annual statement of payroll for workers’ compensation
Each jurisdiction outlines late filing penalties for the annual statement of payroll for workers’ compensation
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Each jurisdiction outlines late filing penalties for the annual statement of payroll for workers’ compensation. Your organization operates in Saskatchewan. You filed your annual Employer Payroll Statement on March 30th of the current year (see Current Year calendar in the course material). The total assessable earnings for the previous year were $925,188.15. The assessment rate per $100 for your organization is $1.41. During the first week of March, two of your employees were injured at work. Calculate the late filing penalty for missing the filing deadline and explain any possible additional costs to the employer related to this oversight. What process will you put in place for next year to avoid this issue?
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Answer:
Given
The total assessable earnings for the previous year were $925,188.15
The assessment rate per $100 for your organization is $1.41
And we know
The late filling penality for missing the dead line is
- 5% of the premiem or
- $5000
whichever is lower
By considering the given data
the late filling penalty is
- [$925188.15/100]*$1.41 = $13,045.1530 or
- $5000
whichever is lower
Therefore,
The applicable penality for late filling is $5000
The employees who have injured as per work men compenstation law will get the medical care for their injuries and the health care provider must be authorized by workmen compenstation board
Proper internal controls should be placed to avoid the penality next time for example, that all the statutory payments should be made at regular intervals of time.
