2015 Minimum/maximum for officers, partners & sole proprietors

Partners in a partnership and sole proprietors who have elected coverage for themselves, and officers of a corporation are required to report compensation between a minimum and maximum weekly amount that changes every year.

For 2015, the minimum is $431 per week which is $ 11,206 for the first six months of 2015.  The maximum is $1,293 per week, which is $33,618 for the first half of 2015.

Payrolls for the first half of 2015 must be reported by August 31, 2015.  The BWC will “pay” the premium for payrolls reported by that date.

In August 2016, all employers will report their actual payrolls for 7/1/15-6/30/16 in the process called “true up”.  Partners, sole proprietors and corporate officers who are subject to the minimum/maximum reporting requirement will use the 2015 min/max for the entire policy year.  So the minimum will be $431 times 52 weeks = $22,412.  The maximum reportable will be $1,293 times 52 weeks = $67,236.

Posted in BWC, partner, premiums, sole proprietor.