Unemployment insurance tax rates fall for most Wyoming employers in 2014
by Wyoming Department of Workforce Services
December 23, 2013
The Wyoming Department of Workforce Services (DWS) announced today that unemployment insurance tax rates will be reduced in 2014. A formula in Wyoming statute is used each year to determine employer contribution rates for the next year.
The range of unemployment insurance tax rates for experienced employers in 2014 will be 0.48 percent to 10 percent. The minimum rate is down from .63 in 2013. Experienced employers are those who have had their employer account established for three or more years. The range for new employers establishing their account rates in the first three years of existence was 2.50 to 4.95 percent in 2013. In 2014 that range will be 2.16 to 4.69 percent.
During mid-December, about 22,000 Wyoming employers will receive notices outlining their respective 2014 unemployment insurance tax rates from the DWS Unemployment Insurance Division. DWS urges employers to review the rate for accuracy upon receipt due to the limited time available to appeal the 2014 rate. Appeal requests must be received by DWS within 30 days from the tax rate notice being mailed. The tax rate calculation and appeal deadline is established by Wyoming law.
Wyoming is one of 20 states with an Unemployment Insurance Trust Fund that did not go broke during the recent economic downturn. Many states have not been as fortunate. Some have had to deal with serious issues such as continued payment of current unemployment insurance claims and concurrent repayment of federal loans and interest. Some states had no choice but to raise unemployment insurance tax rates for many years to repay loans, or reduce unemployment insurance benefits in order to restore solvency to their states’ Unemployment Insurance Trust Fund.
For more information regarding how to prepare for a hearing, call the Unemployment Insurance Tax Unit at 307-235-3271 or visit http://wyomingworkforce.org and click on the employers tab.