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Surcharge expires on FUTA

cindyhollis — Fri, 29 Jul 2011 20:25:28 +0000

The Federal Unemployment Tax Act surcharge of 0.2% expired on June 30, 2011. This means that the FUTA rate for employers went to 6.0% starting on July 1, 2011.

A revise Form 940, Employer’s Annual Federal Unemployment Tax Return is currently being worked on, to accommodate the two different rates and the form will be available sometime before the Jan. 31, 2012, due date.

The surcharge was originally enacted in 1976, and Congress has extended it several times since. Unemployment benefits are not tied to the surcharge, so the expiration of the surcharge will not affect current or future unemployment benefits.

Changes to Vermont Minimum Wage

cindyhollis — Mon, 07 Feb 2011 21:28:38 +0000

As of January 1st, 2011 the minimum wage in Vermont has been increased from $8.06/hr to $8.15/hr. The tipped wage rate has also been increased from $3.91/hr to $3.95 hr.

Changes to Unemployment in Vermont

cindyhollis — Thu, 12 Aug 2010 14:43:41 +0000

A few changes have taken affect as of July 1, 2010 in the State of Vermont.

1.) New Hires must be reported no later than 10 days after the employees start date (date in which employee first performed work).

2.) The taxable wage base for unemployment will be increased to $13,000 as of January 1, 2011. Another increase is scheduled for January 1, 2012 in the amount of $16,000.

Two new tax benefits

cindyhollis — Tue, 18 May 2010 19:49:05 +0000

Tax benefits for hiring new employees are now available. An employer who hires an unemployed worker after February 3, 2010 and before January 1, 2011 may qualify for a 6.2% payroll tax incentive. This, in effect exempts them from their share of Social Security for wages paid after March 18, 2010.

In addition the business can get a tax credit of up to $1,000.00 per worker who is retained for at least a year on their 2011 income tax return.

To qualify employers must get a statement form each new hire certifying that they were unemployed during the 60 days before beginning work or worked fewer that a total of 40 hours in that same time frame.

Call if you have any questions or visit www.IRS.gov.

2010 Standard Mileage Rates

cindyhollis — Wed, 30 Dec 2009 14:18:05 +0000

January 1, 2010 brings new mileage rates for the use of cars, vans, trucks, etc.

50 cents per mile for business miles driven.
16.5 cents per mile driven for medical or moving purposes.
14 cents per mile driven in service of charitable organizations.

State of Vermont Unemployment updates

cindyhollis — Wed, 30 Dec 2009 14:14:39 +0000

Effective January 1st 2010, the State of Vermont will be increasing its taxable wage base from $8000.00 to $10,000.00. Like other states, it is increasing this wage base in hopes of replenishing the general unemployment fund.

The state has also increased its per person rate for state Catamount Health Insurance as well. The new rate is $102.20 per “uncovered” full time equivalent employee.

Updates from the State of New Hampshire

cindyhollis — Fri, 18 Sep 2009 15:34:52 +0000

The State of New Hampshire has once again made some changes to its unemployment rates. As of January 1st, 2010 the taxable wage base will increase from $8000.00 to $10,000.00. This will continue to increase over the next few years until the taxable wages reaches $14,000.00. The following is the taxable wage base increase schedule:

01/01/2010- $8000-$10,000

01/01/2011- $10,000-$12,000

01/01/2012- $12,000-$14,000

The State of New Hampshire has also sent out information regarding managing your unemployment account online. The sheet gives out detailed instructions on how to access and create your online account. However, this is only for tracking claims against your business. This online access will allow you to be able to do the following:

View charges by date and claimant
View and download monthly charge statements
View correspondence
Respond to requests for information from NHES
Report potential claimant eligibility issues
Maintain user accounts.

To visit this website go to www.nh.gov/nhes/employer

State of Vermont Under Minimum Wage for Minors

cindyhollis — Thu, 14 May 2009 18:59:52 +0000

A little known law has come to our attention in the State of Vermont. If you employ someone that is 16 or 17 years of age and is still in high school you do not have to pay them state minimum wage. You do however, have to keep there rate of pay at least equal to that of the federal minimum wage. As of this moment the federal minimum wage rate is $6.55 an hour compared to the State of Vermont’s minimum wage of $8.06. As of July 1, 2009 the federal minimum wage will increase to $7.25 an hour. As soon as the minor graduates or leaves high school they automatically must have their wages increased to meet that of Vermonts minimum wage.

State of New Hampshire Unemployment Rates Increase

cindyhollis — Thu, 14 May 2009 18:54:54 +0000

The State of New Hampshire has sent out a notice informing employers of the new UI tax increase schedule. Due to the high rate of unemployment in the state and the depleting general funds, the State of New Hampshire is increasing the UI tax rates by .5% across the board. Until the general fund reaches $225 million there will no longer be any tax reductions. There is a possibility that the upcoming quarters will result in more tax increases depending on the state of the general fund.