Employers Subject to Higher SUTA Wage Bases in 2012 Across the U.S. a large number of states are dealing with solvency issues in their unemployment insurance trust fund. At least 20 state jurisdictions have increased taxable wage base limits in 2012. Nevada is the only state that lowered the taxable limit and Rhode Island has …
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Despite President Obama’s proposal to make the FUTA surtax permanent, Congress did not take action to extend the 0.2 percent surtax past its scheduled expiration on June 30. Mid-year changes to payroll taxes can complicate payroll processing and reporting requirements, particularly when changes involve federal taxes. About the FUTA The Federal Unemployment Tax Act (FUTA) …
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As a result of the rise in unemployment claims this past year, several states have depleted their unemployment fund. Those states are now increasing their unemployment wage base to replenish their funds. What is unemployment tax? Unemployment tax is a payroll tax that employers pay on employee wages. It is not a tax withheld from …
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