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Friends of the Business

South Dakota Payroll Guidelines
South Dakota Premium Basis and Payroll Allocation
From Insurance Specialty Group, LLC.
South Dakota Premium Basis and Payroll Allocation

Payroll
A. Includes:
-Wages or salaries (including retroactive wages or salaries.)
-Total cash received by an employee for commissions and draws against commissions
-Bonuses including stock bonus plans.
-Extra pay for overtime work.
-Payment by an employer of amounts that would have been withheld from employees to meet statutory obligations for insurance or pension plans such as the Federal Social Security Act or Medicare.
-Payment to any employees on any basis other than time worked, such as piecework, profit sharing or incentive plans.
-The rental value of an apartment or house provided to an employee based on comparable accommodations.
-The value of lodging, other than apartment or house received by employee as part of their pay to the extent shown in the insured’s records.
-The value of meals received by employee as part of their pay to the extent shown in the insured’s records.
-The value of store certificates, merchandise, credits or any other substitute for money received by employees as part of their pay
-Payments for salary reduction, employee savings plans, retirement or cafeteria plans (IRC 125) that are made through employee authorized salary reduction from employee’s gross pay
-Davis- Bacon wages or wages from a similar prevailing wage law.
-Annuity plans.
-Expense reimbursements to employees to the extent that an employer’s records do not confirm that the expense was incurred as a valid business expense.


B. Excludes
-Tips or other gratuities received by employees.
-Payments by an employer to group insurance or group pension plans for employees.
-Payments by employer into third party trusts for the Davis-Bacon Act or similar prevailing wage law provided the pension trust is qualified under IRC Sections 401(a) 501(a).
-Dismissal or severance payments except for timed work or vacation accrued.
-Payments for active military duty.
-Employee discounts on goods purchased from the employee’s employer.
-Expense reimbursements to employees to the extent that an employer’s records confirm that the expense was incurred as a valid business expense.
-Supper money for late work.
-Work uniform allowances.
-Employer-provided perks such as:
• Use of company-provided automobiles
• Airplane flights
• Discounts on property
• Incentive Vacations



 

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Insurance Specialty Group, LLC.
5024 S. Bur Oak Place Suite 117
Sioux Falls, South Dakota 57108
Local: 605-362-2616   Toll Free: 866-760-2616    Fax: 605-362-2380