Good news for Tennessee employers!
The Tennessee Department of Labor and Workforce Development announced on Jan. 25 that effective Jan 1, 2016, the state’s unemployment-taxable wage base was reduced from is $9,000 to $8,000.
This decrease indicates an increase in the balance of the state’s unemployment trust fund on Dec. 31, 2015, ranging from $900 million to $1 billion. It is a trend being seen around the country as State’s pay back federal funds with replenished unemployment trust funds accounts.
Tennessee’s unemployment insurance (UI) tax rates for experienced employers range from 0.01 percent to 10 percent. Tennessee determines tax rates for experienced employers on a semiannual basis. Tennessee is the only state that had a decrease in its unemployment taxable wage base for 2016.
This decrease can result in an average annual savings of $27 per employee (assuming the standard Tennessee UI rate of 2.7%) and is good news for employers.
About Time & Pay:
Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll services , guaranteed payroll tax compliance, automated time and attendance systems and services, pay-as-you-go worker’s comp, human resource management systems and services, and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time ahttp://timeandpay.com/wp-admin/media-upload.php?post_id=4469&type=image&TB_iframe=1nd aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:
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