By Lia Coniglio, Esq. – For Payroll.org
From Payroll.org:
An updated chart of State Taxable Wage Bases for 2021 to 2024 (as of February 7, 2024) may be downloaded from the Payroll.org website. To access the chart from the Payroll.org home page select “Compliance” and then “State Unemployment Wage Bases” under “Overview.”
State unemployment insurance taxes are based on a percentage of the taxable wages an employer pays. The Federal Unemployment Tax Act (FUTA) requires that each state’s taxable wage base at least equal the FUTA wage base of $7,000 per employee, although most states’ wage bases exceed the required amount. Some states apply various formulas to determine the taxable wage base, others use a percentage of the state’s average annual wage, and a few simply follow the FUTA wage base.
More information at https://www.payroll.org/compliance/compliance-overview/state-unemployment-wage-bases
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Tags: Payroll
