Many Kentucky businesses will be paying higher unemployment insurance
taxes in the years ahead as the state repays hundreds of millions in
federal loans. Kentucky has borrowed about $950 million from the federal
government since 2009 to continue paying unemployment benefits after
the trust fund was depleted.
This year, Kentucky businesses will be paying 1.5 percent in federal
unemployment taxes on employees’ first $7,000 in taxable wages, up from
the normal 0.8 percent. That equals about $21 more in federal
unemployment taxes per employee, Kentucky Chamber of Commerce Vice President of Public Affairs Bryan Sunderland said.
For the full story, visit the Frankfort State Journal online.
