Tuesday, April 3rd, 2012
Beginning January 1, 2012, the first $8,000 in wages paid to each employee during a calendar year is taxable. Any amount over $8,000 for the year is excess wages and is not subject to tax. This is an increase of $1,000 in taxable wages per employee as the prior taxable wages were limited to $7,000 per employee prior to 2012. As a result, employers will see an increase in unemployment tax expenses ranging from $15.10 to $54.00 per employee depending on the company’s tax rate.