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.
As long as he becomes injured or sick at work, he will receive workers' compensation. In exchange for this payment, he gives up the right to sue his employer for the injury. Percent of Salary. The amount of workers' compensation payments you will receive is based on your pre-injury earnings. The typical amount is about 67 percent of your previous earnings, roughly two-thirds of your working salary. These payments are not subject to income taxes. With this tax savings, the result of workers' compensation is that a disabled worker receives roughly the same payment as when she was working.