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.
Workersâ compensation tax rates are generally based on each $100 in wages an employee earns. In the state of Washington, the Department of Labor and Industries administers the workersâ compensation system.