Michigan Unemployment Insurance Taxable Wage Base Unchanged for 2024

September 1, 2023

Michigan Unemployment Insurance Taxable Wage Base Unchanged for 2024

Employers will not see a change next year in the taxable wage base, which is the amount of an employee’s wages taxed by UIA. Contributing employers currently pay taxes on the first $9,500 of earnings. NFIB supported legislation passed in 2012 dictates that the taxable wage base is reduced if the balance in the Michigan Unemployment Trust Fund Fund equals or exceeds $2.5 billion and the UIA projects the balance will remain at or above that level for the remainder of the calendar quarter and for the entire succeeding quarter. Unfortunately, as of June 30, the trust fund balance was $2.2 billion. If the trust fund threshold met those parameters, then the taxable wage base would have been reduced to $9,000. For more information on the taxable wage base or any other unemployment insurance questions, please click HERE or feel free to contact the NFIB Michigan State Director, Amanda Fisher at 517-485-3409 or Amanda.fisher@nfib.org

Topics:

Uncategorized

State:

Michigan

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