While all states are required to follow certain federal laws, they also set their own laws and regulations on many issues. Unemployment tax rates fall under state regulation, so each state’s rates vary for employers across the country.
As a business owner, one of the most important ongoing cost considerations is unemployment insurance benefits for your employees. If possible, you want to be in a situation where you’re paying the lowest weekly maximum benefit to minimize cost.
In the United States, every state sets its unemployment insurance rates specific to factors like how many citizens of that state are unemployed, the set taxable wage base and other factors. Within each state, different employers may be paying different unemployment insurance rates based on how well they track unemployment claims and win protests.
Unemployment costs have grown rapidly, increasing by more than 80 percent in the last decade alone. To help lower your costs and keep them under control, you need to understand all the aspects of unemployment insurance (UI) tax rates.
Did you know that the amount of Unemployment Overpayments totalled $14 Billon last year? It’s true… and $14 Billion is equal to the entire GDP of a small country like Jamaica.
Unemployment Insurance can be a confusing and time consuming process tomanage effectively. At Unemployment Tracker, we have created a web based software solution designed to make the process less confusing and much more efficient and effective. In order to better explain how, we decided that we would create a brief video to simplify our message and show in a very visual manner both the problems for employers in regard to Unemployment Management and how we can help. Take a look and then visit us on the web at www.unemploymenttracker.com to find out more.
Whether you are a small single-state or a large multi-state employer, one thing is for sure, managing unemployment insurance (UI) is complex. At the beginning of each year employers receive their UI tax rate letters from state unemployment insurance (SUI) agencies, which dictates the UI tax rate the employer must pay for the upcoming fiscal year. Maybe you recognize the importance of this letter and have an existing audit process in place to scrutinize the tax rate calculation. However, if you are simply “filing it” then I encourage you to keep reading because unlike many other business taxes you can help control UI costs through improved administrative practices.
While many are putting the finishing touches on filing personal and corporate taxes, unemployment insurance managers have been working on their UI tax rates all year long. Read more
One of the biggest headaches for employers is their unemployment insurance tax rate. As tax rates continue to climb, employers are left with more questions than answers. When you’re short on time Read more
‘Tis the season for unexpected surprises. A gift on your doorstep, a holiday greeting in the mail – and the dreaded UI tax rate notice. Bet you didn’t get the same warm and fuzzy feeling with that last ‘gift’. Your UI tax rate increased. Your unemployment insurance costs are higher. Now what?