65-04-04.2. Basis of calculating premiums

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. 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.