The Hawaii Department of Labor & Industrial Relations announced yesterday that the unemployment insurance and temporary disability insurance taxable wage bases will decrease in 2021.
Effective January 1, 2021, the unemployment taxable wage base is to be $47,400, down from $48,100 in 2020. Hawaii’s unemployment tax rates for 2021 are to be released in mid-December.
Additionally, effective January 1, 2021, the temporary disability insurance taxable wage base is to be $1,102.90, down from $1,119.44 in 2020. To fund a temporary disability insurance plan, employers may deduct from an employee’s wages up to half of the premium cost for covering the employee. The amount deducted may not exceed $5.51 a week in 2021, and employers are liable for the rest of the plan’s cost.
As always, if there are any questions please do not hesitate to contact us or visit our website at www.thomas-and-company.com.