Your best option is to prepare for what's coming. States have already borrowed over $37 billion dollars, and that total is still growing. In order to replenish those funds, TALX anticipates that employers will be experiencing significant increases in federal and state unemployment tax liabilities for the next five to eight years.
Here are some factors that will influence your rates:
- Federal – anticipated FUTA credit reductions, Title XII interest assessments, and FUTA wage base increases
- State – State unemployment trust fund insolvency, increases in State Total Unemployment Rates (TUR), and increases in State legislation.
- Individual Employer – Historical and anticipated taxable payroll trends, reductions in workforce activity, and each state's unemployment tax computations.
Worried that your taxes are going UP, UP and away?
Let TALX help you budget for these increases and proactively manage your tax liabilities so you are better prepared for this adventure.
