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To date, Congress has not passed any further extensions. [2] EUC has four levels: Tiers 1, 2, 3 and 4. [3] The Emergency Unemployment Compensation 2008 (EUC08) is an extension of unemployment benefits authorized under federal law. The Middle Class Tax Relief and Job Creation Act of 2012 (enacted on Feb 22, 2012) modified EUC08. [4] [5]
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing Internal Revenue Service Form 940 annually.
The reason has to do with a provision in the American Rescue Plan Act that waived federal tax on up to $10,200 of unemployment benefits collected in 2020, CNBC reported.
Since the beginning of the pandemic, unemployment has ranged from 14.8% at its peak to its current 6%, which is almost double the unemployment rate for the three years prior to the pandemic. More ...
The "ManningCast" is heading for a one-week vacation. After five straight weeks of the Peyton and Eli Manning-hosted alt-cast, there will be a noticeable absence on the TV guide.
For most of its history, the Food Stamp Program used paper denominated stamps or coupons worth US$1 (brown), $5 (blue), and $10 (green). In the late 1990s, the food-stamp program was revamped, and stamps were phased out in favor of a specialized debit-card system known as electronic benefit transfer (EBT) provided by private contractors.
Jobs report today: U.S. employers added just 12,000 jobs in October amid hurricanes, strikes. Unemployment rate at 4.1%