On September 30, 2016 the state will take a loan from the unclaimed funds account to pay off the remaining federal unemployment debt. The penalties will drop and FUTA will once again be $42 per employee. However to repay the loan, employers will then be assessed a flat-rate surcharge in 2017, expected to be approximately $45 per employee. The loan repayment surcharge, plus the base FUTA of $42, will be approximately $87 per employee which is almost 50% less than the $168 per employee if nothing had been done.
CareWorksComp, our partner in unemployment cost control offers multiple services to help employers control this business expense. For more information about the services contact Unemployment Manager Kammy Staton at 614-526-7165 or email@example.com.