Bean Counter Bookkeeping

In case you didn't read your insert that came in the mail with your Quarterly Unemployment letter this quarter I thought I would summarize it for all effected Arizona companies who have employees.

Arizona borrowed money from the Federal Goverment to cover their depleted unemployement trust funds and the Feds want their money back. On July 20 House Bill 2619 will go into effect imposing a Special Assessment (SA) on all employers who are subject to Arizona Unemployement Income Tax. This Payment will be due on October 31, 2011 for the first 3 quarters of 2011.

It is projected that the SA Rate will be .40% of taxable wages (first $7k of wages to all employees) paid in 2011. It will increase to .60% for taxable wages in 2012.

You will be receiving a statement from DES for the amount you owe for the first two quarters in the mail - you can submit that payment with your 3rd quarter return.

If you have any questions or want to read more about it you can visit the Arizona Department of Economic Security website.