Premiums Due February 28

Ohio workers’ compensation premiums are due by the close of business on Friday, February 28, 2014. If you report your payroll and pay your premiums on line 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 only pay 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, partner in a partnership, or corporate officer incorporated as corporation, you must report at least a minimum of $419 per week ($10,894 for 6 months) as your payroll. The maximum you should report is $1,256 per week ($32,656 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 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, but that could trigger an audit.

 

Posted in audit, business, partner, premiums, sole proprietor.