Texas UI rates for business to triple
The minimum Unemployment Insurance (UI) tax rate paid by Texas employers in 2010 will nearly triple t0 .72 percent, up from 0.26 percent in CY 2009, the Texas Workforce Commission announced Tuesday.
The rate increase is due to a higher UI benefit outlay in the past year.
The taxes replenish the Texas Unemployment Compensation Tr ust Fund which prov ides unemployment insurance for Texas workers who lose their jobs through no fault of their own.
The minimum ta x rate of 0.72 percent is paid by nearly 255,000 employers, or 67 percent of all experience-rated employers.
An employer paying the minimum tax will pay $64.80 in tax per employee in CY 2010 compared with $23.40 in tax per employee in CY 2009.
The components of the 2010 tax rate are: the general tax rate, the replenishment tax rate, the deficit tax rate, and the employment training assessment.