Tag Archives: 2014

FUTA credit reductions for 2014

IRS has announce the states that will be subject to the credit reduction for 2014.

A state is a credit reduction state if it has taken loans from the federal government to meet its state unemployment benefits liabilities and has not repaid the loans within the allowable time frame. A reduction in the usual credit against the full FUTA tax rate means that employers paying wages subject to UI tax in those states will owe a greater amount of tax.

California (1.2%), Connecticut (1.7%), Indiana (1.5%), Kentucky (1.2%), New York (1.2%), North Carolina (1.2%), Ohio (1.2%), and the Virgin Islands (1.2%).

Please print out the latest for 940 from irs.gov for complete instructions

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FUTA-Credit-Reduction

Minimum wage increases for 2014

On Jan. 1, the minimum wage in 13 states will increase to these amounts.

State New minimum wage
Arizona $7.90
Colorado $8.00
Connecticut $8.70
Florida $7.93
Missouri $7.50
Montana $7.90
New Jersey $8.25
New York $8.00
Ohio $7.95
Oregon $9.10
Rhode Island $8.00
Vermont $8.73
Washington $9.32

http://www.usatoday.com/story/money/business/2013/12/29/states-raising-minimum-wage/4221773/