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What Is The Tax Rate For New Employers?

Unemployment taxes must be paid on the first $7,000 of wages paid to each employee per year. The initial tax rate is 2.7% and remains in effect for 10 calendar quarters, at which time the account will receive a computed tax rate. The main factor determining your computed tax rate is the ratio of benefits charged to your account to your reported taxable payroll for the previous three years. The minimum tax rate allowed by law is 0.1% and the maximum tax rate allowed by law is 5.4%.

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