Employers across New York have been given short notice to pay more in unemployment insurance taxes to cover the state’s $95-million interest payment on federal stimulus funds borrowed during two years of high unemployment.
The maximum additional amount that most employers will pay is $21.25 per employee, state Labor Department officials said in a mid-July notice to employers. Employers have until Aug. 15 to pay the interest assessment surcharge.
The surcharge amounts to one-fourth of 1 percent of an employer’s total taxable wages in the most recently completed payroll year, Oct. 1, 2009 through Sept. 30, 2010.
New York State Tax Table