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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.
For example, for taxable years 2012 and 2013, the Virgin Islands had a 2.7% "add-on" when its tax rate on total wages was below a national minimum. For taxable year 2014, Connecticut had a "BCR add-on" when its tax rate on the taxable portion of covered wages in the previous calendar year was less than the 5-year benefit–cost ratio applicable ...
Thursday brought on a slew of economic data ahead of Friday's key unemployment and nonfarm payrolls data. The Labor Department and jobs watchers have some good news and some bad news to chew over ...
That is, the effective tax rate regresses, or decreases, as income increases beyond the compensation limit or wage base limit amount. [77] The Social Security component is a flat tax for wage levels under the Social Security Wage Base (see "Regular" employees above). Because no tax is owed on wages above the wage base limit amount, the total ...
The Department of Labor released its May employment report (link opens a PDF) today, and messages are mixed on labor market improvements. Total nonfarm payroll employment increased 175,000 ...
The U.S. unemployment rate fell from 7.3% in October to 7% in November as total nonfarm employment grew by 203,000 jobs, the Bureau of Labor Statistics reported today. Last November the ...
The Congressional Budget Office (CBO), a nonpartisan agency that analyzes federal budget proposals each year, today issued its fiscal outlook for fiscal years 2013-2023. In the short term, while ...
A bill increasing the borrowing authority of FEMA was enacted on January 6, 2013, and the appropriations bill was enacted on January 29, 2013. [21] At around 2 a.m. on January 1, 2013, the Senate passed a compromise bill, the American Taxpayer Relief Act of 2012, by a margin of 89–8. The bill would delay the budget sequestration by two months ...