What do state unemployment taxes (SUTA) and claim overpayment rates mean to your nonprofit?
These factors could mean less money for your nonprofit organization’s cause.
$772 Average SUTA Cost Per Employee
Average state unemployment tax costs per employee range from $!21 to $953 per employee across the country. With an average cost of $772 per employee, Rhode Island ranks as the 4th highest.
$20 Million Unemployment Claim Overpayments
Rhode Island’s April 2014 – March 2015 unemployment claim overpayment rate was 11.841%, equaling over $20 million.
$1.78 SUTA Vs. Benefits Paid
Rhode Island employers pay $1.78 in SUTA to the Department of Labor and Training for every $1.00 paid in unemployment benefits.
However, there are options to financing your nonprofit organization’s unemployment costs.
First Nonprofit Group provides state compliant, individually insured, cost-saving options to satisfy SUTA requirements for nonprofit, governmental and tribal entities. Below is a sample savings analysis of one of our Idaho members since 2009.
We provide more than 1,800 organizations around the country with unemployment insurance at affordable rates. Click here or 1-(800) 526-4352 to request a free, no-obligation cost saving evaluation. Evaluations include a 2017 rate projection!