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Arc Electrical LLC. - Coggle Diagram
Arc Electrical LLC.
Retirement
We are a independent contractor we will not offer retirement plans to our workers until we transition to a different business plan and our workers are considered regular employees receiving a W2 instead of a 1099.
When we transition we have looked into offering a Payroll Deduction IRA to our employees. We will arrange for employees to make contribution towards there retirement.
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Unemployment Insurance
Federal Unemployment Tax is an employer only tax is 6% and is only taxed by the first $7,000 the employee makes.
We are required to pay quarterly payments to the federal government.
State of Indiana Unemployment is through Indiana Department of workforce Development. They have a self service Kiosk to assist employers with questions.
Indiana Unemployment Tax Act (SUTA) We are either required to pay back the state or make contributions. payments made by employers are used only to pay qualifying participants.
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Workman's Comp Insurance
In Indiana our company would be considered exempt from workman's compensation insurance. However, The company we are contracted to do work for requires us to carry this insurance on our guys.
We have gone through the state website to find reputable insurance company to establish a policy. This ensure we protect ourselves our our guys when loss of work due to an injury.
You can choose from different companies like Geico, Progressive commercial, Biberk, The Hartford. These are just a few to choose from.
Insurance Professionals
Insurance professionals are knowledgeable about the different types of insurances you may need. They are trained per state on what's required and some are able to help you in multiple states.
Insurance Professionals or agents are able to see a vast menu of options and are able to direct you in the right direction.
Using an insurance agent can ensure you are meeting all mandatory obligations and in compliance to what's required of your business.
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