Unemployment Insurance Will Cost New Jersey Businesses

Employers in New Jersey are bracing for an increase in the unemployment tax rate.  Notices are scheduled to be delivered by July 1st informing each business of the new tax rate.

Increases will vary from business to business and are wide ranging (from $7.00 to $290.00 per worker) depending on the number of layoffs at the company and the amount of unemployment insurance tax paid in the past.

The amount that a business pays in unemployment insurance is calculated by taking the average amount of UI paid to former workers over the past 3 years and dividing it by the the total payroll.  The second consideration in UI taxes due is the balance of reserves that New Jersey has as of March 31st.

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