![]() ![]() As such, these jurisdictions will be subject to a FUTA credit reduction for 2023. Department of Labor, as of November 10, 2023, announced that California, New York and the Virgin Islands had outstanding Title XII advances on January 1 for at least two consecutive years and on November 10, 2023. ![]() Virgin Islands had its FUTA tax credit reduced by 3.6% for an effective FUTA tax rate of 4.2%).¹įor 2023, the U.S. The net FUTA tax rate for 2022 increased by 50%, from 0.60% to 0.90% (the U.S. As such, these jurisdictions were subject to a FUTA credit reduction for 2022. Department of Labor, as of November 10, 2022, announced that California, Connecticut, Illinois, New York and the Virgin Islands had outstanding Title XII advances on January 1 for at least two consecutive years (20) and on November 10, 2022. 2023 FUTA Credit Reductionsīefore addressing the condition of the SUI financing system, 2023 tax rates under the Federal Unemployment Tax Act (FUTA) are top of mind for employers as well.įor 2022, the U.S. This regularly updated resource is intended to help provide employers insights into the condition of the SUI financing system and the potential impact to rates in 2024 and beyond. ![]() Last updated: Janu(changes since last update on Decemwill begin with **NEW**)Īs state workforce agencies emerge from the financial stress caused by the COVID-19 pandemic, it is prudent for employers to monitor how this stress might impact their state unemployment insurance (SUI) tax rates. ![]()
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