Unemployment Insurance Tax to Drop in Maryland
ANNAPOLIS, Md. (AP) - Gov. Martin O'Malley has announced that unemployment insurance tax rates will be going down for Maryland employers.
O'Malley said Wednesday that the rates have dropped again due to progress with the state's economic recovery.
In 2012, the highest rates were in effect, with a range of 2.2 percent to 13.5 percent of the first $8,500 in annual wages.
Last year, the tax rates went down to a range of rates of 1 percent to 10.5 percent. Next year, the lowest range of rates will be in effect. That range includes rates of .3 percent to 7.5 percent.
The O'Malley administration says many businesses will realize an 86 percent reduction in their unemployment insurance cost per employee over the last two years.