North Dakota Code 65-04-04.2 – Basis of calculating premiums
1. For each year, the amount of an employee’s wages subject to premium calculations must be determined as an amount equal to seventy percent of the statewide average annual wage, hereafter referred to as limited payroll, rounded to the nearest one hundred dollars, determined by the organization on or before July first as calculated by job service North Dakota under subsection 3 of section 52-04-03.
Terms Used In North Dakota Code 65-04-04.2
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
2. The rates for each classification must be determined by:
a. Estimating the revenue needed by each employment classification; b. Estimating the total limited payroll to be reported by all employers in each employment classification for the year; and
c. Dividing the estimated revenue needed by an employment classification by the estimated total limited payroll in that classification to determine the required average premium for that classification rate.