Maryland Unemployment Rates: Good News for MD Businesses

maryland flagBeginning on January 1st, Maryland’s unemployment insurance tax is going to be reduced by up to 70%.  Unemployment payouts peaked in 2009 at the height of the recession.  This strained Maryland’s unemployment insurance trust fund and led to employers having to make additional contributions.  Now that the economy is improving, however, the Maryland state government has reduced the rates.  As an example:  An employer at the lowest end of the tax rates, who paid $85 per employee in 2013, will be paying less than half as much, $25.50, in 2014.  Hopefully, this break for businesses will have the effect of bolstering the slowly improving economy for Maryland.

By | 2016-12-13T09:14:59+00:00 October 31st, 2013|Maryland Business News|0 Comments