{"id":554,"date":"2014-02-20T03:40:39","date_gmt":"2014-02-20T03:40:39","guid":{"rendered":"http:\/\/mtmic.com\/blog\/?p=69"},"modified":"2014-02-20T03:40:39","modified_gmt":"2014-02-20T03:40:39","slug":"remuneration-as-the-basis-of-premium","status":"publish","type":"post","link":"https:\/\/www.mtmic.com\/blog\/2014\/02\/remuneration-as-the-basis-of-premium\/","title":{"rendered":"Remuneration as the Basis of Premium"},"content":{"rendered":"

INCLUSIONS:<\/span><\/h2>\n
    \n
  1. Payroll wages and salaries, including retroactive pay.<\/li>\n
  2. Commissions.<\/li>\n
  3. Bonuses.<\/li>\n
  4. Stock bonus plans — Shares of stock in lieu of cash. (Not stock options)<\/li>\n
  5. Extra pay for Overtime — less the premium portion.<\/li>\n
  6. Pay for holidays, vacation and periods of sickness. — includes accumulated pay upon retirement<\/li>\n
  7. Pay for jury duty.<\/li>\n
  8. Pay for funerals, weddings and birthdays.<\/li>\n
  9. Piecework- paid a certain amount for each piece produced.<\/li>\n
  10. Incentive plans-hourly rate increased as a preset quota is met.<\/li>\n
  11. Profit sharing plan-any profit over a certain level will be distributed among employees.<\/li>\n
  12. Allowances or payments to employees for Hand or Power tools furnished by employees & used in the business.<\/li>\n
  13. Rental value -of house or apartment –value of accommodations (determined by similar actual rentals in area.)<\/li>\n
  14. Lodging — other than house or apartment –the value as shown in the insured\u2019s records– if not shown in records do not include.<\/li>\n
  15. Meals — value of meals as shown in insured\u2019s records — shown in their payroll. Do not include reimbursements.<\/li>\n
  16. Store certificates, catalog accounts or merchandise credits.<\/li>\n
  17. Salary reduction plans, Saving Plans, Retirement or Cafeteria plans — 401k\/section 125\/Aflac<\/li>\n
  18. Annuity plans- 403b -the money deducted for the purchase of an annuity contract.<\/li>\n
  19. Cash in lieu of insurance.<\/li>\n
  20. Auto allowance – a set amount paid to employee with out tracking of mileage\/expenses.<\/li>\n
  21. Expense reimbursements — if the employer\u2019s records do not substantiate the payments.<\/li>\n
  22. Session fees — for entertainers shooting commercials.<\/li>\n<\/ol>\n

    EXCLUSIONS:<\/h2>\n
      \n
    1. Tips – gratuities.<\/li>\n
    2. Payments to Group Insurance or pension plans — Group term life<\/li>\n
    3. Special rewards for invention or discoveries.<\/li>\n
    4. Severance pay or dismissal pay.<\/li>\n
    5. Payments for Active Military Duty.<\/li>\n
    6. Employee Discounts on Goods Purchased from the employer.**<\/li>\n
    7. Expense reimbursements –when incurred while conducting the employers business.<\/li>\n
    8. Supper money — employees who work late get reimbursement for supper.<\/li>\n
    9. Work Uniform allowance.<\/li>\n
    10. Third party sick pay.<\/li>\n
    11. Company perks —\n
        \n
      1. employer provided vehicle.<\/li>\n
      2. flight on an employer provided airplane.<\/li>\n
      3. employer provide incentive vacation. — contest winner.<\/li>\n
      4. employer provided discount on property or services.<\/li>\n
      5. employer provided membership in a country club\/social club.<\/li>\n
      6. employer provided ticket to an entertainment event.<\/li>\n<\/ol>\n<\/li>\n
      7. Employer contributions to employee benefit plans. Employer matching contributions.<\/span><\/li>\n
      8. Premium pay for overtime.<\/li>\n
      9. Short and Long term disability, paid by a 3rd party payer.<\/li>\n
      10. Early retirement buyouts.<\/li>\n
      11. The tax adjustment that is added to S-corp officers W-2 at year end for value of their health insurance.<\/li>\n<\/ol>\n

        **note Flat allowances and expense reimbursements (except for hand tools) may be excluded if all three of the following conditions are met:<\/em>
        \n1 The noted expense must have happened while completing business for the employer.<\/em>
        \n2 The insured must maintain separate records for each employee\u2019s expense payment\/allowance.<\/em>
        \n3 Each expense reimbursement\/allowance amount must approximate the amount incurred by the noted employee while completing his\/her work for the insured.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

        INCLUSIONS: Payroll wages and salaries, including retroactive pay. Commissions. Bonuses. Stock bonus plans — Shares of stock in lieu of cash. (Not stock options) Extra pay for Overtime — less the premium portion.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-554","post","type-post","status-publish","format-standard","hentry","category-compliance"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/posts\/554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/comments?post=554"}],"version-history":[{"count":0,"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/posts\/554\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/media?parent=554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/categories?post=554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mtmic.com\/blog\/wp-json\/wp\/v2\/tags?post=554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}