NJ Unemployment Rates will be going up!

June 21, 2010

What’s your Rate?

We recently were notified that the State of New Jersey would be mailing out updated unemployment rates to all employers in New Jersey starting August 15th

Yawn!!!!

Why the announcement? No one looks at the notice.

So our rate may go up .1% from 2.3% to 2.4%, that’s the cost of doing business!

Wrong!!!!

 

How do you know your rate is calculated properly?

Unemployment is the 2nd highest employer mandated tax. It is like having a checking account with the state. They provide the rate, which tells you how much you must deposit into the account during the next year. They also provide a notice telling you how much they have taken out of your account.

Not Bad! Are you sure no one questions this?

 

Why publicize that employers may be overpaying payroll taxes? They do it willingly, without asking questions.

If your company employs over 150 employees, you should be looking at this rate. If there is a mistake it is not just with one employee, it is on your whole payroll.

Why will my rate be going up?

 Since the economy is been a bit shaky recently there are many individuals collectly unemployment and therefore the tax base supporting unemployment has been slowly depleted. In order to increase this revenue base the State of NJ will be moving to a new tax catagory which will automatically increase the revenues to support this base.

Without doing anything, your unemployment rate will be increased.

The State of New Jersey has over a 10% error rate in the payment of unemployment claims. That means they are taking too much money out of your account and that your rate is wrong!!

Been thru a merger, acquisition or restructuring?  The US Department of Labor statistics show there is close to a 50% chance the incorrect rate has been assigned to the new company. This stems from the governments inability to properly record these transactions.

Hutchinson Business Solutions has great success reviewing and validating if these unemployment rates are correct. Many of our clients are receiving refunds for overpayments! 

 

The state allows us to go back 3 years to verify if the current rate is correct. The state is not asking you to overpay taxes. The onus however is own you to provide the proper information.

What is your Rate?

 

What is your Reserve Balance?

How much have you paid out in claims?

 

Is your Rate correct?

Maybe today is the day to find out!

 

Call Hutchinson Business Solutions and ask about our no fee review of your current unemployment rate.

 

Our findings may surprise you.

 

You too may qualify for a refund!

 

Note:

This service available for companies with more than 150 employees.

One Response to “NJ Unemployment Rates will be going up!”

  1. […] — HERE is a link to the state's online unemployment application — and gave it a shot. I got throuNj Unemployment Claim – The NJ Unemployment Website, in case you are wondering, is pretty busy this morning. I went to […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: