Illinois Unemployment Tax Responsibility

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Illinois Unemployment Tax Responsibility
 

An employer is automatically given a percentage rate for the unemployment compensation upon the start up of his or her business. Once a former employee begins to collect unemployment, the department will re-adjust the tax rate.

 

For example, if your company does not have any unemployment claims paid, then the percentage rate will very possibly go down and you will pay less in tax. But, if you begin to have former employees being paid unemployment, then your percentage rate for this tax will probably increase.

 
If you are having problems with your Illinois Unemployment Tax Responsibility or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
 
Chris@AccountingSolutionsltd.com
 
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