Many new business that hire the first employee are surprised to learn about all the new expenses that come with him or her. There are FICA taxes to be paid, and workers compensation and unemployment taxes. Of the all the new taxes you get the pleasure of paying, your unemployment tax rate is the only […]
How Your Company Can Control Unemployment Insurance
Is your business struggling to control unemployment insurance within your company? An employer is required to pay a percentage of the wages of every person they employe. The percentage may vary between each employee, from 0.55% to 7.75% which equals out to $71.28 to $1,004.40 for each employee. As an employer, you may be wondering […]
Understanding The Unemployment Tax Rate In Illinois
When starting out your new business, it is crucial to know that when you hire your first employee, they come with a great amount of expenses. There are certain taxes that you will need to pay, such as workers compensation, FICA taxes, and unemployment rates. This may seem exasperating, however, you have control of the […]
10 Ways a Small Business Can Control Unemployment Insurance
As we outlined in a previous blog post Employer Basics: Unemployment Insurance in Illinois, an established employer must pay a percentage of each employee’s wages, up to an annual base of $12,690, into the State’s Unemployment Fund and that percentage can range from 0.55% to 7.75%. This difference can be significant, a multiple of more than 14 times, […]