Unemployment Compensation Tax

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Unemployment Compensation Tax

A tax levied on an employer that pays the unemployment insurance for the unemployed labor force. The tax is assessed as a proportion of the employer's payroll; the employer generally passes on payment of the tax to his/her employees.
References in periodicals archive ?
They cover the need for payroll and personnel records, computing wages and salaries, social security taxes, income tax withholding, unemployment compensation taxes, analyzing and journalizing payroll, and a payroll project.
That means that employers and employees avoided payroll deductions on some $37.7 million in wages, including some $677,000 in unemployment compensation taxes, not including fines and penalties.
On Villella's perennial watch list are increases to unemployment compensation taxes. That issue dramatically came into play this year.
This textbook covers all aspects of payroll accounting, from computing wages and salaries to unemployment compensation taxes. For this edition, Biegs and Toland (accounting, Bucks County Community College) incorporate technology further and include a shortened payroll project, as well as updates to the text to reflect the latest laws.
Nor do these firms have to pay half of the Social Security taxes, unemployment compensation taxes, or workers' compensation coverage.
The contracting party does not withhold money for tax purposes and does not pay unemployment compensation taxes on their behalf.

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