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MAY 2022 SUI UPDATE

Kentucky –Issued revised tax rates for 2022 due to legislation changing the Tax Rate Schedule from Schedule C to Schedule A. Employers can expect a rate reduction between 0.20% to 0.70%. Taxable Wage base was also reduced from $11,100 to $10,800(Same as 2021). Should an employer decide to apply for a refund, it can only be done through the employer account online. Please feel free to reach out to ValeU Group if you need further assistance.


Minnesota – Currently issuing revised tax rates for 2022 due to recently passed legislation. The legislation reduces certain factors in the rate calculation resulting in a 0.479% to 1.8852% reduction for most employers. Most employers have already submitted payment for the 1st quarter 2022 prior to the rate revisions and will be overpaid. Per the state, it will take a “few” months to process any refunds so employers are advised to use any credits for the 2nd quarter 2022. Should an employer decide to apply for a refund, it can only be done through the employer account online. Please feel free to reach out to ValeU Group if you need further assistance.


Upcoming Deadlines:


Penalty / Rate Protest Deadlines:

Massachusetts – June 20 / Mississippi – May 22


Joint Account Deadlines:

California – December 31 / Hawaii – December 31


If you have not done so already, please forward copies of your 1st Quarter 2022 SUI Reports so that we can update our files and audit for any issues.


FUTA UPDATE


Currently 8 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, MN, NY, and PA.


New Jersey has paid off their Title XII loans.


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