The Unemployment Insurance Agency (UIA) is reporting that eligible employers will qualify for a reduced taxable wage base of $9,000 for calendar year 2018.
Under MMA-supported legislation passed in 2011, when the Unemployment Trust Fund is at a healthy balance of $2.5 billion, employers who are not delinquent in their unemployment insurance (UI) payments will benefit from a reduction in the taxable wage base from $9,500 to $9,000. The Taxable Wage Base is the annual amount of wages paid to an employee that is subject to state unemployment insurance taxes.
This reduction in unemployment taxes is only available to employers who are not delinquent in the payment of UI contributions, penalties or interest. MMA strongly encourages all members to check their MiWAM account and pay off any delinquent amounts as soon as possible so that your company will qualify for this tax cut.
This article was published in the 11/14/17 issue of MFG Voice.