New Jersey…Is at it Again
June 18, 2012
Did I ever tell you the story
About trying to renew
My NJ plumbing license seal
It was old and needed to be
Replaced.
Do you have about an hour?
It is wayyyy tooooooo long of a story
Without going into details
Let me just say
After many phone calls
It only took the State a year
To mail out my new
Plumbing seal
Now the State is treading on sacred ground
Each year in late July or early August
The State of New Jersey
Mails out the
New Jersey Employer Contribution Reports
To all New Jersey Employers
This form shows you how the State
Calculates your new
Unemployment Tax rate
For the next 12 months.
You have to stay with me here…..
The form shows how much
Your Company has paid
Into the unemployment fund
Since inception
It also shows the total amount of
Unemployment claim dollars
The Company has paid out
Since inception
Confused yet?
Keep reading
The bottom line
Shows your reserve balance
Or
How much money is left
In your account
To pay
Future claims
Alright….. take a breath
To determine your new rate
The State looks at your
Reserve balance
The State also looks at your
3 year taxable wage base
And your
5 year taxable wage base
Guess which Taxable Wage Base
The State picks?
If you said the higher number…..
You would be correct.
Well….
Guess what?
New Jersey will not be mailing out the
New Jersey Employer Contribution Reports
Any longer
You will now have to go online…
Set up an account…
And look up the information…..
Yourself
Did I miss that memo?
Did you miss that memo?
I bet you did not know that
Unemployment is the 2nd highest
Employer mandated tax by the government
It is the only tax
That you are able to manage
You do have the ability to manage
What rate your company is assigned
And
What dollar amount will be
Paid into the account
For the next 12 months
Did you know
That the national average
For the overpayment of an
Unemployment claim is
Over 10%
That means the State may be paying
The wrong amount for an unemployment claim
And the money is
Coming out of your account
How do you even know your
Unemployment Rate
Is correct?
How do you know if your
Reserve balance
Is correct?
This is one of the services
HBS provides
We serve as a public advocate for
Our clients
We hold the state responsible
We verify the assigned rate
Is correct
We manage the payment of claims coming
Out of your account
Auditing each claim payment
Verifying it is the correct amount
For companies with over 100 employees
The cost savings to
Manage your unemployment account
Can be seen within the first year
With the unemployment fund depleted
Now more than ever
Companies should be taking steps to
Manage their unemployment accounts
To learn more contact george@hbsadvantage.com
Visit us on the web www.hutchinsonbusinesssolutions.com
