States short on unemployment: How much are you on the hook for?
A majority of states are experiencing a shortfall of unemployment funds. Guess who has to replenish the shortage?
Firms in a total of 36 states will see an increase, but tax bumps will vary greatly from state to state.
How hard you’re hit depends on where you’re located. Employers in some states will only have to pay a few dollars more per worker, while others will have to shoulder almost $1,000 more.
How affected was your state? The largest payroll tax increases (by percentage) took place in:
- Hawaii (now $1,070 per worker) — 1089% change
- Florida ($312 per worker) — 200% change
- Nebraska ($300 per worker) — 165% change
- Maryland ($422 per worker) — 159% change, and
- Idaho ($816 per worker) — 134% change.
Unfortunately, this may not be the last hike you see. With tax money taking a bite out of companies’ payroll budgets, economists predict further cuts to employees’ compensation and benefits in the future. And that means even more unemployment claims for states in the future.
Click here to the complete list of affected states.
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