Unemployment tax rates for Oregon employers expected to decrease - KPTV - FOX 12

Unemployment tax rates for Oregon employers expected to decrease in 2016

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Unemployment tax rates for most Oregon employers will decline starting in 2016, according to the Oregon Employment Department.

According to the release, Oregon law requires the Employment Department to use a statutory formula to determine payroll tax rates for the upcoming year.

These taxes go to unemployment insurance trust funds used to pay unemployment benefits.

Employers that pay into the tax system will move from Schedule 5 to Schedule 4, saving the average Oregon Employer $69 annually per employee.

The specific rate each employer will pay under the new schedule will depend on how much they have used the unemployment insurance system.

In 2010, the trust fund had a balance of $700,000, and as of 2015 it has risen to $2.7 billion.

Oregon’s self-balancing approach has resulted in one of the strongest trust funds in the country.

The Oregon Employment Department is mailing notifications to business Friday regarding individual tax rates.

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