Florida state Unemployment Tax
Encyclopedia
The Florida state Unemployment Tax is mandated under a Florida
state law
that imposes an employer tax used to fund a reserve that pays benefits to the unemployed. Employers report this tax by filing an annual form with the Florida Department of Revenue. The employer is required to pay the tax in instalments during the tax year.
In 2010, about 460,000 employers were subject to this tax. The rate is determined based on each employer's employment history over the past three years. In 2009, the minimum tax, for businesses with no lay-offs, was set to rise from $8.40 per employee to $100.30 in the year 2010 to meet the expected shortfall. This minimum rate was reset in 2010 to $25.20 instead. The maximum rate is $378. Because it was set too low, the state has borrowed $1.8 billion from the federal government during 2009-2010. Interest on the loan is $61 million. The state anticipates a special levy of $9.51 per employee to meet this interest payment. The minimum rate projected for 2011 is $72.10.
In 2010, the weekly benefit for the unemployed was $275.
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
state law
State law
In the United States, state law is the law of each separate U.S. state, as passed by the state legislature and adjudicated by state courts. It exists in parallel, and sometimes in conflict with, United States federal law. These disputes are often resolved by the federal courts.-See also:*List of U.S...
that imposes an employer tax used to fund a reserve that pays benefits to the unemployed. Employers report this tax by filing an annual form with the Florida Department of Revenue. The employer is required to pay the tax in instalments during the tax year.
In 2010, about 460,000 employers were subject to this tax. The rate is determined based on each employer's employment history over the past three years. In 2009, the minimum tax, for businesses with no lay-offs, was set to rise from $8.40 per employee to $100.30 in the year 2010 to meet the expected shortfall. This minimum rate was reset in 2010 to $25.20 instead. The maximum rate is $378. Because it was set too low, the state has borrowed $1.8 billion from the federal government during 2009-2010. Interest on the loan is $61 million. The state anticipates a special levy of $9.51 per employee to meet this interest payment. The minimum rate projected for 2011 is $72.10.
In 2010, the weekly benefit for the unemployed was $275.