The state of Maryland has recalculated their 2024 Tax Rates due to an “administrative reinterpretation of Labor & Employment Article § 8-606(d)”.
The state is issuing the recalculated rates based on the “lower rate” using two different computing methods(as they had in 2022 and 2023).
Per the state, “The vast majority of employers are not affected by this recalculation. No employer should see a rate increase by this recalculation.”
All employers will receive the revised rates this month with correspondence explaining the recalculation sent to each employer in accordance with their preferred method of communication. In addition, the rates are currently available on the state employer website, BEACON.
If you have already submitted the 1st Quarter Contributions at the prior rate, a refund can be requested or the credit can be applied to future quarters.
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