Payroll Reporting Requirements & True-up Reminder

Earlier this year, we wrote about how the Ohio BWC calculates your premiums using payroll, industry/manual codes and claim costs/losses. Payroll is used to gauge your size, but many employers aren’t aware of the payroll reporting requirements.  Since the payroll True Up process begins July 1, we thought this would be a good time for a refresher.

The BWC generally follows the guidelines of Medicare wage reporting to determine reportable payroll. In addition to gross wages/salaries (Medicare wages), the following are also considered as reportable payroll:

  • Sick pay (including third party, but excluding workers’ comp)
  • Bonus payments (including stock), all sales commissions and tips
  • Severance pay
  • Overtime and all shift and holiday differential pay
  • Stock gifts and profit sharing
  • Voluntary contributions to retirement accounts, including 401k and contributions to deferred compensation
  • Portions of cafeteria plans reportable to FUTA (Federal Unemployment Tax Authority)
  • Board, lodging, house/room rent, per diems and traveling expense that exceeds one-third of total remuneration, as well as expenses exceeding one-third of normal pay
  • Personal use of a company vehicle
  • Casual/spot labor

The BWC allows for minimum and maximum reportable wages for officers of a corporation, employers who chose elective coverage and the construction industry.  Specifics and the minimum/maximum wage charge can be found using this link.

IMPORTANT REMINDER

Your 2018 policy year payroll true-up must be completed between July 1 and August 15

Prior to the July 1 start of the policy year, the BWC will calculate your estimated annual premium using the last true-up payroll reported.  At the end of each policy year, employers are required to report the actual payroll for the prior policy year in the true-up process.  The system will recalculate premium for the prior policy year based on the actual payroll and determine whether additional premium or credit is due.  This must be completed by August 15.  Failure to report actual payroll for the prior policy year (July 1, 2018, to June 30, 2019) and pay any additional premium that may be due by the August 15 deadline could result in penalties ad disqualification from all BWC savings programs for two policy years. 

For more information about the BWC true-up, please click HERE


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