Monthly Archives

June 2018

Unemployment Weekly Claims Report for the W/E June 2, 2017

The Unemployment Insurance Weekly Claims report for the week ending June 2, 2018 has been released by the Department of Labor.

  • Seasonally adjusted initial claims: 222,000
  • 4 week moving average: 225,500
  • Seasonally adjusted insured unemployment rate: 1.2%
  • Seasonally adjusted insured unemployment number: 1,741,000
  • 4-week moving average: 1,728,750
  • Number of unadjusted claims: 191,177
  • Unadjusted insured unemployment rate: 1.1%
  • Unadjusted number claiming UI benefits: 1,568,788

The full news release report can be downloaded here.

OASDI Wage Base Projected to Increase in 2019

In the Social Security Administration’s 2018 OASDI Trustees Report issued June 5, 2018, the Social Security wage base is projected to increase to $132,300 in 2019 from $128,400 in 2018.

The projection is based on the intermediate-cost assumptions in the report, the SSA said.

The wage base is the maximum amount of earnings subject to the Old-Age, Survivors, and Disability Insurance payroll tax. No increase in the wage base occurs if there is no cost-of-living adjustment effective for December of the preceding year, the SSA said.

The low-cost and the high-cost assumptions also project an increase to $132,300, the board of trustees’ annual report said.

As always, if there are any questions please do not hesitate to contact us.

New Hampshire Issues Third Quarter 2018 Unemployment Tax Rates

Effective for the third quarter of 2018, New Hampshire’s range of unemployment tax rates for experienced employers and the rate for new employers are unchanged, the state employment security agency said on its website June 1.

For the third quarter, unemployment tax rates for positive-rated experienced employers are to range from 0.1 percent to 1.7 percent, with a solvency-threshold tax rate reduction of 1 percent. Rates for negative-rated experienced employers are to range from 3.3 percent to 7.5 percent, including a surcharge of 0.5 percent. The rate for new employers is to be 1.7 percent.

New Hampshire’s employment security agency told Bloomberg Tax May 24 that unemployment tax rates are to decrease for the fourth quarter of 2018 because the state unemployment trust fund balance is projected to exceed $300 million each day of the fourth quarter.

For the fourth quarter, the solvency-threshold tax rate reduction is to increase to 1.5 percent from 1 percent and the surcharge for negative-rated experienced employers is not to be in effect.

New Hampshire is the only state that may adjust its unemployment tax rates quarterly.

UNEMPLOYMENT WEEKLY CLAIMS REPORT

The Unemployment Insurance Weekly Claims report for the week ending May 26 2018 has been released by the Department of Labor.

  • Seasonally adjusted initial claims: 221,000
  • 4 week moving average: 222,250
  • Seasonally adjusted insured unemployment rate: 1.2%
  • Seasonally adjusted insured unemployment number: 1,726,000
  • Number of unadjusted claims: 201,374
  • Unadjusted insured unemployment rate: 1.1%
  • Unadjusted number claiming UI benefits: 1,631,905

The full news release report can be downloaded here

Tennessee Electronic Filing Requirements Change Effective January 1, 2019

Electronic filing requirement. Except as otherwise provided in Tennessee Employment Security Law, beginning January 1, 2019, and each quarter afterwards, every employer, and every person or organization who reports wages for employees on behalf of one or more subject employers for state unemployment tax purposes, must file their wage and premium reports electronically, in a format prescribed by the Commissioner of the Tennessee Department of Labor & Workforce Development.

This new requirement does states that if the electronic filing requirement creates a hardship for the employer, person, or organization subject to it, the employer, person, or organization may submit an affidavit to the Commissioner containing a statement made under the penalty of perjury that the employer, person, or organization would suffer an undue hardship by filing the wage and premium reports electronically, and the Commissioner may allow the employer, person, or organization to file the wage and premium reports in a paper format. Any employer, person, or organization that does not have prior approval to file in a paper format, and that is required to file the reports electronically but neglects or refuses to do so, will be considered to have filed an incomplete wage and premium report and will be assessed a penalty.

Note that the required affidavit must be submitted within the first quarter, beginning January 1, 2019, and annually thereafter.

As always, if there are any questions please do not hesitate to contact us.