Employers, contribute now and get a break later
The N.C. Employment Security Commission is offering employers its version of a holiday treat - make a voluntary tax contribution and you may be eligible to reduce you 2007 unemployment insurance tax rates.
Making the voluntary contribution by Dec. 15 could lead to savings from $50 to $1 million next year, according to the commission. A contribution of as little as one dollar may reduce an employer’s 2007 tax rate. Voluntary contributions will be applied to the balance of employers’ unemployment insurance tax account.
Only experienced-rated employers are eligible to make the voluntary contribution. New employers’ rates are set, by law, at 1.2 percent for approximately two years.
Information about the voluntary contribution was included in the tax rate forms mailed today to employers. Employers can got to www.ncesc.com to access the voluntary contribution calcuatlor, which allows them to assess how much they will have to pay to achieve a certain tax rate.
The commission's tax auditors also can help employers determine how a contribution could affect their 2007 tax rate.
The commissions said the contributions are needed now, when revenue received from employers’ taxes is the lowest of the year. The money will be used to store up the Unemployment Insurance Trust Fund, which serves those who are seeking new jobs after becoming unemployed through no fault of their own.
Due to recent automated spamming attacks on our blogs, we are temporarily requiring commenters to authenticate themselves via TypeKey® before posting comments to any News & Record blog in order to prevent denials of service. We sincerely apologize for the inconvenience.