Vermont – Vermont is the 1st of the four fiscal states to begin to issue their 2022/2023 Tax Rates to all employers. The state has moved to the “lowest” rate schedule and rates will range from 0.40% to 5.40%. The Taxable Wage base will decrease from $15,500 to $13,500.
New Hampshire, New Jersey and Tennessee(the other fiscal year tax rate states) will issue their rate notices over the next two months.
2023 Taxable Wage Base Update
6 states have confirmed the 2023 Taxable Wage Base for employers. Five of the states will see increases, with only Vermont lowering their wage base for 2023.
Upcoming Deadlines:
Joint Account Deadlines:
California – December 31 / Hawaii – December 31
FUTA UPDATE
Currently 7 states as well as the Virgin Islands have an Outstanding Balance due to borrowing from the Federal Reserves to meet their unemployment benefits liabilities. Those states have until November of 2022 to pay back the loans to avoid an increase of 0.30% to the 2022 FUTA Rate in those states.
The states are CA, CO, CT, IL, MA, NJ*, and NY.
Minnesota and Pennsylvania have paid off their Title XII loans.
*New Jersey has begun borrowing again.