Federal unemployment taxes could be on the rise for employers in several states. The 5.4% regular credit against FUTA tax is reduced for firms in states that don’t repay loans from the federal jobless fund by November 10. Employers in Indiana and South Carolina face a 1.8% cut in their FUTA credit, which means up to $126 in extra tax per employee. Firms in Kentucky, Ohio, California, Connecticut, New York, and North Carolina are in line for a 1.5% credit reduction, or up to $105 more in tax per employee.
For more information contact Aaron Wilzbacher, CPA at 800.880.7800 ext. 1322 or email@example.com.