Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
How Does State Unemployment Insurance Get Funded?
State Unemployment Insurance (SUI) is funded by taxes primarily paid by employers on wages that they pay their employees. SUI gives short-term benefits to people who lost or left their jobs for a variety of reasons. Every state has a “taxable wage base,” which is the annual amount of wages paid by an employer to an employee that are subject to state SUI. PaycheckCity has compiled a list of the 2014 state unemployment insurance taxable wage bases for your reference.
State Unemployment Insurance (SUI) is funded by taxes primarily paid by employers on wages that they pay their employees. SUI gives short-term benefits to people who lost or left their jobs for a variety of reasons. Every state has a “taxable wage base,” which is the annual amount of wages paid by an employer to an employee that are subject to state SUI. Every year, the tax wage base can change. PaycheckCity has compiled a list of the 2014 state unemployment insurance taxable wage bases for your reference. The SUI contribution rate that an employer pays depends on the amount of money an employer pays their employees as well as the number of employees laid off in addition to a number of other factors. This is the rate applied to the taxable wage base. SUI affects businesses because not only do they have to pay the tax, but the rate can increase if an employee termination is handled improperly or if the company lays off too many employees. To steer clear of trouble, businesses should make sure employees are aware of companies’ rules and regulations, document any interactions in the workplace, and avoid laying off employees. Businesses should also make sure that unemployment appeals are made in a timely manner so as not to be overturned.
For more information on state tax information, visit Payroll-Taxes.com.
| State | 2014 Wage Base | Contribution Rates |
|---|---|---|
| Alabama | $8,000 | 2.25% - 8.4% |
| Alaska | $37,400 | 1.0% - 2.97% |
| Arizona | $7,000 | 0.003% - 7.17% |
| Arkansas | $12,000 | 1.2% - 13.1% |
| California | $7,000 | 1.6% - 6.2% |
| Colorado | $11,700 | 2.03% - 10.63% |
| Connecticut | $15,000 | 1.9% - 6.8% |
| Delaware | $18,500 | 0.3% - 8.2% |
| Florida | $8,000 | 1.02% - 5.4% |
| Georgia | $9,500 | 0.03% - 7.29% |
| Hawaii | $40,400 | 0.6% - 6% |
| Idaho | $35,200 | 0.545% - 5.4% |
| Illinois | $12,960 | 0.55% - 8.55% |
| Indiana | $9,500 | 0.565% - 8.36% |
| Iowa | $26,800 | 0% - 8% |
| Kansas | $8,000 | 0.11% - 9.4% |
| Kentucky | $9,600 | 1% - 10% |
| Louisiana | $7,700 | 0.1% - 6.2% |
| Maine | $12,000 | 0.73% - 6.8% |
| Maryland | $8,500 | 0.3% - 7.5% |
| Massachusetts | $14,000 | 1.26% - 12.27% |
| Michigan | $9,500 | 0.06% - 10.3% |
| Minnesota | $29,000 | 0.1% - 9% |
| Mississippi | $14,000 | 0.2% - 5.4% |
| Missouri | $13,000 | 0% - 9.75% |
| Montana | $29,000 | 0.42% - 6.12% |
| Nebraska | $9,000 | 0% to 5.4% |
| Nevada | $27,400 | 0.25% to 5.4% |
| New Hampshire | $14,000 | 1.1% to 9.5% |
| New Jersey | $31,500 | 0.6% to 6.4% |
| New Mexico | $23,400 | 0.03% to 5.4% |
| New York | $10,300 | 1.425% - 9.825% |
| North Carolina | $21,400 | 0.06% - 5.76% |
| North Dakota | $33,600 | 0.16% - 9.76% |
| Ohio | $9,000 | 0.3% - 8.5% |
| Oklahoma | $18,700 | 0.3% - 9.2% |
| Oregon | $35,000 | 1.8% - 5.4% |
| Pennsylvania | $8,750 | 2.801% - 10.8937% |
| Puerto Rico | $7,000 | 3.4% - 5.4% |
| Rhode Island | $20,600 | 1.69% - 9.79% |
| South Carolina | $12,000 | 0.089% - 7.805% |
| South Dakota | $14,000 | 0% - 10.03% |
| Tennessee | $9,000 | 2.7% - 7.5% |
| Texas | $9,000 | 0.51% - 7.41% |
| Utah | $30,800 | 0.4% - 7.4% |
| Vermont | $16,000 | 1.8% - 8.4% |
| Virginia | $8,000 | 0.68% - 6.78% |
| Washington | $41,300 | 0.14% - 5.84% |
| Washington DC | $9,000 | 1.8% - 7.2% |
| West Virginia | $12,000 | 1.5% - 8.5% |
| Wisconsin | $14,000 | 0.27% - 9.8% |
| Wyoming | $24,500 | 0.63% - 10% |
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.
