Employers pay this tax annually by filing IRS Form 940. The Federal Unemployment Tax Act (FUTA), authorizes the Internal Revenue Service(IRS) to collect a Federal employer tax used to fund state workforce agencies. However, some state laws differ from the Federal law and employers should contact their state workforce agencies to learn the exact requirements. Generally, employers must pay both state and Federal unemployment taxes if: (1) they pay wages to employees totaling $1,500, or more, in any quarter of a calendar year or, (2) they had at least one employee during any day of a week during 20 weeks in a calendar year, regardless of whether or not the weeks were consecutive. Unemployment Insurance (UI) is a federal-state program jointly financed through Federal and state employer payroll taxes (federal/state UI tax). ![]() The site features virtual job fairs, no-cost virtual training, and includes (IJL), the state’s largest job search engine, which recently showed 58,289 posted resumes with 94,610 available jobs.Unemployment Insurance Tax Topic Unemployment Insurance Taxes In June 2020, Governor Pritzker launched Get Hired Illinois, a one-stop-shop website to help connect job seekers with hiring employers in real time. An individual who exhausts or is ineligible for benefits is still reflected in the unemployment rate if they actively seek work. The unemployment rate identifies those individuals who are out of work and seeking employment. The labor force was up +0.1 percent over-the-month and up +1.1 percent over-the-year. ![]() The number of unemployed workers was 305,500, up +0.3 percent from the prior month, and up +7.6 percent over the same month one year ago. In January, total nonfarm payrolls were down -0.1 percent over-the-year in Illinois and up +1.9 percent in the nation. The industry groups with the largest jobs increases included: Educational and Health Services (+22,300), Government (+22,200), and Leisure and Hospitality (+4,400). The industry groups with the largest jobs decreases included: Professional and Business Services (-40,000), Information (-8,100), and Construction (-6,700). The Illinois unemployment rate was up +0.3 percentage point from a year ago when it was 4.4 percent.Ĭompared to a year ago, nonfarm payroll jobs decreased by -6,600 jobs, with losses across most major industries. The national unemployment rate was 3.7 percent in January, unchanged from the previous month. The state’s unemployment rate was +1.0 percentage point higher than the national unemployment rate reported for January. “By prioritizing equipping Illinois jobseekers, workers, and businesses with the tools needed to thrive in the state’s growing economy, DCEO is bolstering economic development across numerous sectors throughout Illinois.” “Illinois’ world-class workforce remains strong as payroll jobs continue to grow in Illinois,” said DCEO Director Kristin Richards. “IDES stands ready to assist Illinois jobseekers and employers with vital services that will help to bridge both groups together.” “Today’s data is an encouraging start to the new year as payroll jobs continue to grow and the state’s workforce remains strong,” said Deputy Governor Andy Manar. The industry sectors with the largest monthly payroll job declines included: Professional and Business Services (-6,100), Construction (-5,300), and Leisure and Hospitality (-1,200). In January, the industry sectors with the largest over-the-month job gains included: Government (+5,000), Educational and Health Services (+3,400), and Trade, Transportation and Utilities (+2,300). The January unemployment rate and payroll jobs estimate reflect activity for the week including the 12th. The December monthly change in payrolls was revised from the preliminary report, from +1,200 to -6,600 jobs. The December revised unemployment rate was 4.7 percent, down -0.1 percentage point from the preliminary December unemployment rate of 4.8 percent. Bureau of Labor Statistics (BLS), and released by IDES. SPRINGFIELD – The Illinois Department of Employment Security (IDES) announced today that the unemployment rate was unchanged at 4.7 percent, while nonfarm payrolls increased +1,700 in January, based on preliminary data provided by the U.S. ![]() Contact: Rebecca Cisco | 21 | PDF Version
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |