Maine unemployment tax rate to hold steady in 2020
Maine's unemployment insurance tax rate will stay unchanged in 2020, though there may be some variance in specific rates for employers, the Maine Department of Labor announced last week.
Employers pay unemployment taxes on up to $12,000 in wages issued to each employee during the calendar year. Each statutory schedule includes a range of tax rates that are determined based on each individual employer’s unemployment-related activity in comparison with the activity of the unemployment system overall.
For that reason, it's possible that an employer's specific tax rate may increase or decrease even within the so-called Schedule A, according to the department.
In a statement, Labor Commissioner Laura Fortman noted that 2020 will be the fourth straight year that taxes will remain at Schedule A.
“Maine continues to experience record low unemployment, with rates below 3% for the last several months,” she added. “A benefit for employers of Maine’s low unemployment level is that unemployment taxes will remain at Schedule A, the lowest level authorized in Maine statute."
Taxes paid into the Maine Unemployment Trust Fund are used to provide temporary assistance to people who lose their jobs through no fault of their own while they actively seek new employment.
More information on the 2020 unemployment tax rates is available online.
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