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Ohio Employers May Owe Increased Unemployment Tax

Ohio is 1 of 15 states, plus the Virgin Islands, which may not be eligible to claim the maximum amount of credit on its 2014 Federal Unemployment Tax (FUTA) return. Ohio has had an outstanding federal unemployment insurance loan for several years.  Employers pay FUTA tax at a rate of 6% on the first $7,000 of covered wages paid to each employee during a calendar year. That federal tax rate is offset by a normal credit up to 5.4%. However, because the state has not repaid loans made by the federal government to Ohio to assist with payment of unemployment benefits, employers will not enjoy the full 5.4% credit on the FUTA tax rate. Currently, Ohio is scheduled for a 1.2% credit reduction unless outstanding federal loans are paid by November 10, 2014. For more information, please feel free to contact a member of our employment section.

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