What are sui taxes
Did you know that many employers’ unemployment insurance costs have tripled in the last year? U.C. Consultants helps companies reduce these unemployment insurance costs. Let us show you how.
Our unique UC7 Process is designed to effectively move clients from overpaying unemployment insurance to paying only what is absolutely required and obtaining refunds for amounts previously overpaid.
A little history helps understand the system. State Unemployment Insurance (SUI) began in 1935 in response to the Great Depression. Unemployment laws were intended to provide short-term income for people who are out of work through no fault of their own and are able and available for work. Benefits are not intended for people who voluntarily quit, are discharged for misconduct, retire or otherwise withdraw from the workforce. Employers pay a payroll tax quarterly into an unemployment insurance account. When a claim is made, the state government withdraws the payments from this account. In most states, the amount your company pays is based on state law and the ratio of benefits paid to taxes paid.
Accordingly the premiums paid depend on the State’s records and interpretation of your company’s experience. It is a fact that state governments are only required to report to the Federal Government overcharging for unemployment insurance when “mistakes” exceed 18.5 percent?
SUI taxes are charged according to the amount paid each employee quarterly times a tax rate. In Tennessee,
for example the SUI tax rate can be as low as 0.3% and as high as 10% of the first $9,000 paid in annual wages for each employee. A single improperly handled employee termination can take an employer from one tax rate to the next higher rate. In Tennessee this would cost a 1000 employee company that was paying a 4% rate $90,000 or more if the rate went up to 5%.
Many employers never challenge what the State says. Since 1979, U.C. Consultants has a set of services working with state governments and employers that can typically reduce taxes by more than 50 percent. These services combine audits of taxes paid, claims management, supervisor/manager training with customized reporting and consulting.
An estimated $100 billion in available tax credits were not used by businesses due to the complexity, time, cost and knowledge it takes to comply with these programs. Another UC Consultants service applies for these tax credits on your behalf.
With coverage in 50 states, Puerto Rico and the U.S. Virgin Islands, U.C. Consultants offers experience, technology, cost savings and our personal guarantee. We guarantee that the annual aggregate savings realized from claims and tax cost reductions will be substantially greater than your annual investment in our service…or our fee shall be adjusted to the amount actually saved. It’s a no risk proposition.
Bottom line, we save you money. Period.Source: www.ucconsultants.com