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Form 940 (Schedule R) Minnesota Hennepin: What You Should Know

Federal Form 940 Schedule R State Unemployment Insurance — Minnesota Employment Tax Rates In 2013, Minnesota voters adopted a “Jubilee” system of increasing the state unemployment tax rate 1.2 percentage points the year following the unemployment tax's initial rate, then returning to the initial rate annually. That rate is now 3.9 percent for the tax year that begins in July (1.1 percent in 2014, 0.7 percent in 2024 and then 0.6 percent in 2024 and thereafter) and goes up a maximum of 2.3 percent each year in subsequent years. For additional information, see .   The unemployment tax is generally levied on the employee and is charged on their first paycheck after any work has begun. For example, you'll earn 10.00 on January 1st, but you haven't even worked yet. You'll pay taxes on the 110.00 you earn on January 1st. If you are earning over 110.00 monthly, a 10.00 unemployment tax is added automatically. Any amounts less than 110.00 are added into the state's general collections. The Federal Unemployment Tax Act (FTA) requires states to collect federal unemployment taxes on wages paid to employees. It is assessed on the wages of most unemployed workers and may be refunded to the employee with a valid claim form. Under the Minnesota Unemployment Insurance law, you are responsible for any payroll taxes due from your employee. They may be withheld from your check, and the amount due is usually shown on the payment receipt you get for each month of employment, but it can also be shown in your employee record. The state doesn't ask about the employee's tax status, so you'll have to know what they have withheld for you. Minnesota Unemployment Insurance — State Agency — Employment Minnesota Employment Tax FAQs 1) What are minimum wages? 2) What are the annual rates, for every jurisdiction? 3) How are the rates changed? 4) How do I calculate my tax liability? When should I file? Minimum Wage Minnesota law sets out that all employees must be paid a minimum of 7.25 per hour in the state, whether they receive tips. This amount is not subject to change, for both federal and state regulations.

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