Mon
Dec 1 2014
02:11 pm
Haslam: Running the State like a business????
By: reform4

Intuit QuickBooks Payroll

Critical Notice
Year-End Notice: Additional FUTA Taxes for 2014

Dear Valued Assisted Payroll Customer,

Due to outstanding federal unemployment loans, your state is subject to the FUTA Credit Reduction for 2014. This means you will be assessed additional FUTA taxes for your Form 940 filing for 2014.

What is a credit reduction state?
Some states take loans from the Federal Unemployment Trust Fund if they lack the funds to pay unemployment insurance benefits for residents of their states. If a state has outstanding loan balances for two consecutive years, the FUTA credit rate for employers in that state will be reduced until the loan is repaid. This results in employers owing additional unemployment tax.

So, because Haslam and our super-majority GOP legislature STILL can't create jobs, the business owners get shafted AGAIN? (on top of higher unemployment tax rates from the state itself).

Topics:
R. Neal's picture

So the state that won't take

Submitted by R. Neal on Mon, 2014/12/01 - 2:22pm.

So the state that won't take free federal funding to provide health care for its neediest residents borrows money from the federal government to meet its obligations and doesn't pay it back? Nice.

Tess's picture

No raises

Submitted by Tess on Mon, 2014/12/01 - 6:35pm.

No raises for state employees for the past FOUR YEARS? Color me speechless...that people aren't raising hell....

(link...)

zoomfactor's picture

It's a hidden tax (as always)

Submitted by zoomfactor on Wed, 2014/12/03 - 11:32am.
(in reply to Tess)

Essentially the state is making up for lost revenue on the backs of the government workers, who are (and have been) giving up COLAs that are due to them. But even this is a stretch, because for 2014-2015, only $15.6 M is budgeted for a 1% raise, out of a total budget of $13.6 B (0.1%).

Treehouse's picture

Running like a dangerous business

Submitted by Treehouse on Tue, 2014/12/02 - 11:57am.

Betsy reads the audit report and finds out no one is looking out for you.

(link...)

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