Liquidate means to convert assets into cash or cash equivalents by selling them on the open market. Liquidate is also a term used in bankruptcy procedures in which an entity chooses or is forced by a legal judgment or contract to turn assets into a liquid form.
The compensation rate for a workersâ compensation claim is calculated based on your average weekly wage. In South Carolina, the compensation rate is 66 2/3% of the average weekly wage subject to the maximum and minimum compensation rates in effect on the date of injury. The compensation rate is set as of the date of injury and is not affected by later changes in the allowed maximum or by inflation. The benefits that you receive are not taxable. A Form 20 is used to calculate an employeeâs average weekly wage.
Labor Rates. To set a rate for labor costs, you need to compute the average hourly labor cost for all employees. The calculation is very similar to that used to figure the true hourly labor cost for a single employee. Add up the non-wage costs and annual wages for all employees to estimate your total annual labor cost.Next, add up the estimated labor hours for a year for all employees. Divide the estimated annual labor cost by the estimated number of labor hours to find the amount you need to allocate per labor hour.ivide the annual wages by the actual labor hours to find the wages per labor hour. In this example, $31,200 divided by 1,920 hours works out to $16.25 per hour. Related Reading: How to Calculate Fully Burdened Labor Costs.