Maryland Unemployment Insurance Tax Rate Reduced for 2013
The Maryland unemployment insurance tax rate will be reduced by 50% next year. The cut in the Maryland unemployment tax rate is aimed to encourage economic growth across the board for small businesses in Maryland. The Maryland unemployment tax is paid based on the number of employees a business has and may increase for companies with recent layoffs.
Are you looking for free insurance quotes?
Secured with SHA-256 Encryption
UPDATED: Jul 29, 2020
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
According to an article by the Baltimore Sun, employers in the State of Maryland will see the tax percentage owed for unemployment reduced by 50% next year.
The tax cut is being issued by the Department of Labor in an effort to encourage economic growth across the board for small businesses in Maryland. The Department of Labor predicts that employers will be able to use those additional funds towards business expansion and hiring new people.
During the recession, the unemployment insurance tax in Maryland continued to rise since there were so many people out of work and collecting the benefit. During that time, the State of Maryland’s unemployment trust was nearly wiped out, forcing the State to raise the tax due by businesses. Now with people slowly returning back to work and less people collecting the unemployment benefits, the State is turning back the tax rate to ease the financial burden on businesses.
Maryland’s unemployment tax is paid based on the number of employees a business has, and can increase for companies that have had layoffs in the past. In general, the more people that have collected unemployment from a particular company, the more unemployment tax that business is required to pay.
You can read the original article by the Baltimore Sun, here.