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    Minnesota Unemployment Insurance tax rate in QuickBooks

    Article ID: 2000659

    Overview

    The Minnesota Unemployment Insurance (UI) Tax rate has several components that are used in order to calculate the quarterly employer contribution amounts. Effective for 2014, the agency has a Base Rate component that is at .10%, as well as an assigned Experience Rating. These two components are added together to equal the UI Tax Rate.  The Additional Assessment and Federal Loan Interest Assessment rates are not in effect for 2014.

    Assumptions

    You have an active Intuit QuickBooks Payroll subscription.

    Details

    What do I need to do?

    In QuickBooks, you will need to enter a UI Rate and the Workforce Enhancement Fee rate. In order to determine the rates to enter in QuickBooks, you will need to have your Unemployment Insurance Tax Rate Notice for the applicable tax year.

    In the Total Due Estimator section of your rate notice there is a roll-up rate. For tax year 2014, this roll-up rate includes the Workforce Enhancement Fee rate of .10%. The Workforce Enhancement Fee rate needs to be deducted from the roll-up rate because it is a separate Payroll Item in QuickBooks.

    For tax year 2014, for the following payroll items in QuickBooks, you will enter:

    • MN Unemployment Company (UI Rate) - the roll-up rate less .10% (Workforce Enhancement Fee)
    • MN - Workforce Enhancement Fee is automatically set to .10%.  You do not need to modify Workforce Enhancement Fee rate in QuickBooks.

    How is my total amount due calculated?

    When you submit your wage detail report each quarter, the total amount due will be calculated as follows:

    Quarterly UI Tax + Additional Assessment + Federal Loan Interest Assessment + Workforce Enhancement Fee = Amount Due

    Taxable Wage & Rate Information:

    • $29,000 - the annual taxable wage base for 2014 (the first $29,000 of gross wages paid to each employee in covered employment is subject to UI tax)
    • 0.10% - the base tax rate
    • 2.23% - New employer tax rate for non-high experience rating industries, including the base tax rate
    • 9.00% - New employer tax rate for high experience rating industries, including the base tax rate
    • 9.00% - Maximum tax rate, include the base tax rate

     

    Workforce Development Fee for 2014:

    • Workforce Development Fee (also referred to as Workforce Enhancement Fee) - 0.10% of taxable wages.

     

    Note:  The Additional Assessment and Federal Loan Interest Assessment rates are not in effect for 2014


    For steps on how to change your SUI rates in QuickBooks, click here.

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