Md. Unemployment Tax to Drop

Monday, 15 Oct 2012 01:30 PM

By Greg McDonald

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
Maryland employers are expected to pay out less in state unemployment insurance taxes next year, according to the an announcement expected later today from the state Department of Labor, Licensing and Regulation.
 
According to the Baltimore Sun, the department was expected to announce an improved employment situation for the entire state, which could allow businesses to spend the freed up tax money on other things.
 
The state's unemployment rate spiked during the recession and depleted the state trust fund used to pay jobless benefits. As fund was drained, tax adjustments for employer contributions were automatically made, pushing the rates paid out by companies to their maximum.
 
According to the Sun, the balance of the fund at the end of September was $795 million, up more than $330 million over last year.
 
The difference was enough to lower the tax rate.
"This is very welcome news," Ed Jacobson, president of Owings Mill-based Glass Jacobson, an accounting and wealth-management firm. "I'm happy for our clients."
 
But Jacobson said it's still "very challenging out there," referring to the economy and the number of people still out of work.
 
Unemployment taxes are paid quarterly by employers on a per-worker basis. Employers that have high lay-off rates pay more than companies with fewer or no layoffs.  


© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved