As with many other states, Vermont has passed legislation in order to generate more revenue in an attempt to replenish their depleted trust fund balance.
The Vermont Department of Labor has announced several reporting changes effective January 1, 2010. First, the UI taxable wage base has been increased from $8,000 to $10,000. This change will need to be taken into consideration when filing your first quarter of 2010 tax return. If you file online, the taxable wages for each employee will be automatically calculated based on the new wage base. Further, employers with twenty-five or more workers are required to file their quarterly reports electronically.
Additionally, the legislation has increased the Health Care Contribution rate to $101.74 for each “uncovered” Full Time Equivalent (FTE). This change is also retroactive to January 1, 2010.
Following is a news release from the Vermont Department of Labor addressing these changes. As always, please contact us if there are any questions.