Kristie Lowery ( Kenneth Hausser ( Debera Salam ( Payroll News Flash.Workforce Tax Services - Employment Tax Advisory Services Failure to repay the federal loan balance by November 10, 2022, would result in a FUTA credit reduction of 0.3% for calendar year 2022.įor additional information concerning this Alert, please contact: New Jersey is one of four states (New Hampshire, New Jersey, Tennessee, and Vermont) that assign SUI tax rates on a fiscal-year basis, rather than a calendar-year basis however, the taxable wage base for these states is assigned on a calendar-year basis.Īs of August 13, 2021, the US Department of Treasury shows that New Jersey has an outstanding federal UI loan balance of $117,158,492.64. The law provides that if calculation of the actual fund reserve ratio would result in the selection of a rate schedule with lower contribution rates than those above for fiscal years 2022 through 2024, the lower rate schedule will apply.įor more on the New Jersey SUI rate schedules, go here. For fiscal year 2024 (Jto June 30, 2024) the assignment of SUI tax rates will move from Rate Schedule D to Rate Schedule E, with rates ranging from 1.2% to 7.0%.For fiscal year 2023 (Jto June 30, 2023) the assignment of SUI tax rates will move from Rate Schedule C to Rate Schedule D, with rates ranging from 0.6% to 6.4%.For fiscal year 2022 (Jto June 30, 2022) the assignment of SUI tax rates moved from the FY 2021 Rate Schedule B, with rates ranging from 0.4% to 5.4%, to Rate Schedule C, with rates ranging from 0.5% to 5.8%.It is estimated that the highest rate schedule, Schedule E+, would have been in effect for fiscal year 2022, with rates ranging from 1.3% to 7.7%.įollowing are the maximum SUI tax rate ranges under AB 4853: (New Jersey's fiscal year for SUI tax rating purposes is July 1 through June 30.)ĪB 4853 prevents moving to a higher SUI rate schedule over the next three fiscal years, something that had been anticipated due to reduction in the state’s UI trust fund from COVID-19 UI benefit payouts. Law reduces impact of COVID-19 UI benefits on SUI tax rates over next three fiscal yearsĪB 4853 reduces the effect of regular state COVID-19 unemployment insurance (UI) benefits on New Jersey employer SUI tax rates starting fiscal year 2022 through FY 2024. Experience-rated employers have the option to make a voluntary contribution to lower their assigned SUI tax rate within 30 days of the rate notice mailing date. Once released, other 2022 SUI information will be posted here.Įmployer tax rate notices are now available via the Employer Access system and were mailed to some employers by August 19, 2021. The 2022 taxable wage base and other 2022 SUI rates and limits have not yet been announced.

The employer taxable wage base will continue at $36,200 for the remainder of calendar year 2021. ( New Jersey Department of Labor & Workforce Development website.

The fiscal year 2022 tax rates continue to include the 0.1% Workforce Development Fund rate and the 0.0175% Supplemental Workforce Fund rate. The new employer rate remains at 2.8% for FY 2022. The New Jersey Department of Labor and Workforce Development announced that fiscal year 2022 (Jto June 30, 2022) state unemployment insurance (SUI) tax rates range from 0.5% to 5.8% on Rate Schedule C, up from a range of 0.4% to 5.4% on Rate Schedule B for fiscal year 2021 (Jto June 30, 2021). New Jersey fiscal year 2022 SUI tax rates increase due to COVID-19 benefit claims

New jersey income tax brackets 2021