According to my tooltip, with all of my equipment on, I deal 35626-45543 damage with my golem (active effect produces 64774-79169 [252%] damage.
My ring has a masterwork +168% golems damage.
If I take it off, the tooltip remains exactly the same. Even more weirdly, this seems to apply to every item of equipment where I’ve hit a masterwork 25% bonus. If I take those items off, the tooltip doesn’t change.