Unemployment insurance tax to drop
The state will drop its unemployment insurance tax rate next year in a move the Maine Department of Labor said will save employers around $30 million.
The DOL reported an employer paying the average rate of unemployment tax will pay $64.80 less per employee according to the lowered tax schedule. Employers paying the minimum rate will pay $19.20 less per worker and those paying the highest rate will pay $169.20 less per worker.
The rate each employer pays into the state’s unemployment insurance trust fund is based on a business’ unemployment insurance experience, its taxable wages and its past contributions in relation to other businesses in the state.
The new average rate will be 2.58% per $1,000 paid an employee, while the minimum will be 0.73% and the maximum 6.80%.
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