The Illinois Department of Employment Security announced that unemployment tax rates are set to increase for 2021.
Effective January 1, 2021, unemployment tax rates for experience-rated employers are to range from 0.675% to 6.875%. These rates include a fund-building surtax of 0.475% in 2021, up from 0.425% in 2020.
The standard unemployment tax rate for new employers is to be 3.175% in 2021, up from 3.125% for 2020. There are to be no industries for which new employers are assessed a tax rate higher than the standard tax rate.
Illinois’ unemployment-taxable wage base for 2021 is to be $12,960, up from $12,740 in 2020.
As always, if there are any questions please do not hesitate to contact us or visit our website at www.thomas-and-company.com.