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I don't know if it's different here in my state for some reason, but UE is taxed at almost 40-50%. A few years ago I had a temp job and when it ended, they beat us over the head with the fact that it wasn't "free" money. When tax time comes, you will get hit.
The federal tax rate doesn't change depending on the source of the wages. It's simply considered taxable wages, and it gets added into everything else you got paid. I don't think we have a tax rate as high as 40 to 50%, so you must have had some other issues going on there!
The federal tax rate doesn't change depending on the source of the wages. It's simply considered taxable wages, and it gets added into everything else you got paid. I don't think we have a tax rate as high as 40 to 50%, so you must have had some other issues going on there!
Ohio has the highest unemployment insurance in the country - that would be the amount the employer or employee pays into the system while they are still working.
Ohio's unemployment tax rate, much like its corporate taxes overall, tend to be on the high side when compared with other states. Its maximum employment tax rate is the ninth highest in the nation, according to the Tax Policy Center. As far as the minimum wage that requires employment taxes, it's about in the middle. Several states only require businesses to pay taxes on wages that are $10,000 or more, but others require taxes on wages as low as $7,000. The Tax Foundation in 2010 rated Ohio 47th in the nation in terms of business taxes overall, making it one of the highest in the United States.
Ohio has the highest unemployment insurance in the country - that would be the amount the employer or employee pays into the system while they are still working.
The employer pays into the system at a computed rate. They pay FUTA and SUTA (federal and state) unemployment taxes. The rate is based on the employer's previous history - their claims - just like any other insurance. Employees don't pay unemployment insurance - they are the beneficiaries.
Quote:
Originally Posted by Thursday007
Ohio's unemployment tax rate, much like its corporate taxes overall, tend to be on the high side when compared with other states. Its maximum employment tax rate is the ninth highest in the nation, according to the Tax Policy Center. As far as the minimum wage that requires employment taxes, it's about in the middle. Several states only require businesses to pay taxes on wages that are $10,000 or more, but others require taxes on wages as low as $7,000. The Tax Foundation in 2010 rated Ohio 47th in the nation in terms of business taxes overall, making it one of the highest in the United States.
When I said that the rate doesn't change for unemployment $ - I was talking about the rate that an individual pays in federal INCOME tax....on their total income, which would include any unemployment compensation. You are referencing what the EMPLOYER pays in their FUTA and SUTA premium. Totally different.
Last edited by ChessieMom; 10-30-2012 at 07:20 PM..
Yeah no kidding huh? At least it gave me time to get my shyt together. I take the Praxis in Dec. and then I'll have my NC license. I'm working part-time now as a resource teacher (basically just the instructional day) and after the holiday break I'm taking over a classroom. Couldn't have timed it any better!
I haven't talked to him yet today. They announced it yesterday afternoon and then a few key people flew in today. He's been in meetings all day and is at dinner with them now. I'm curious about their plans for the company but I doubt they are going to say anything until they close on it.
Still nice to know we have an income and don't have to blow through our emergency funds if we don't have to.
You don't realize the devastation of the storm till you see your old hanging spots gone. Just saw some places at the Jersey Shore on the news, much worse than what I saw on the news earlier. Devastating, so sad for the home owners.
You don't realize the devastation of the storm till you see your old hanging spots gone. Just saw some places at the Jersey Shore on the news, much worse than what I saw on the news earlier. Devastating, so sad for the home owners.
It was a freak storm. Craziest thing I've seen in a long while.
why do people get so wrapped up in the drama here? if you don't like a particular poster, avoid the threads they create.
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