Ohio workers’ comp premiums due 3/2/15

Ohio workers’ comp premiums are due by the close of business on Monday, March 2, 2015.  This is for payrolls 7/1/14 through 12/31/14.

If you report your payroll and pay your premiums online at www.bwc.ohio.gov, the BWC will automatically calculate and deduct a 1% Go Green discount.

You will not get the discount if you pay your premiums through the Ohio Business Gateway.  You will not get the discount if you pay only the minimum $50 in premium.  You will not get the discount if you choose to pay only half the premiums that are due (50/50 payment option).

If you have elected coverage for yourself as a sole proprietor or partner in a partnership, you must report at least $425 per week ($11,050 for 6 months) as your payroll.  The maximum you should report is $1,274 per week ($33,124 for 6 months).  You must report the actual amount if it falls between the minimum and maximum.

Officers of a corporation are also subject to the same minimum/maximum.  Officers of Subchapter S corporations must report a reasonable amount of wages for the services they perform.

The compensation of all other employees must be reported as earned.  If you are not sure which workers are employees and which are independent contractors, consult your employment law attorney and your TPA.  You can also ask the BWC, which could trigger an audit.

Posted in business, BWC, partner, premiums, sole proprietor, TPA, Uncategorized.