C240 Workers Comp Withholding
Description
How to fill out C240 Workers Comp Withholding?
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FAQ
New York workers' comp pays up to two-thirds of your average weekly wage before your injury, with a minimum of $150 per week and a maximum of $1,125.46 per week in 2023. Read more about how much workers' comp pays in New York.
Under IRS regulations, workers' compensation-related benefits are exempt from federal income, Social Security and Medicare taxes. Workers' compensation-related benefits are also exempt from New York State and local income taxes, if applicable.
Form C-240 captures an injured worker's wage earnings information for the 52 weeks prior to the injured worker's date of injury or illness. This information is used to calculate the injured worker's average weekly wage and benefit rate.
For calendar year 2023, the rate shall be 9.8% of the standard premium or premium equivalent.
NYSIF determines the manual rate by multiplying the NYCIRB loss cost by the NYSIF LCM. NYSIF then computes manual rate premium by multiplying the manual rate by the policyholder's estimated annual payroll and dividing by 100. This mathematically based rate produces an objective pricing system.