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September 6, 2024 at 4:31 AM. Initial filings for unemployment benefits in Kentucky rose last week compared with the week prior, the U.S. Department of Labor said Thursday. New jobless claims, a ...
Kentucky took the approach of raising taxes and lowering benefits to attempt to balance its unemployment insurance program. Starting in 2010, a claimant's weekly benefits will decrease from 68% to 62% and the taxable wage base will increase from US$8,000 to US$12,000, over a ten-year period.
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Deloitte Consulting will replace the KY Labor Cabinet’s aged unemployment insurance system by 2028. During COVID-19, the system was overwhelmed by a surge of benefit requests.
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing Internal Revenue Service Form 940 annually.
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