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Nevada Unemployment Insurance Update

December 31st, 2006 Posted by Mark

New employers in the state of Nevada, on your mark, get set, get your unemployment insurance posters on your walls. You have joined a proud group of businesses in one of the fastest growing states in the Union. And with that membership in the group of Nevada employers comes certain responsibilities. One of them is to provide all of your employees at all of your facilities with the info they need about their rights and responsibilities as an employee. This includes their rights to unemployment insurance, workers’ comp, their rights to serve in the military, and every other topic covered by the labor law posters required in the state of Nevada.

But membership in the group of Nevada employers also means another responsibility on your part—paying taxes. As we have seen in blog entry after blog entry today and yesterday, unemployment taxes are one of the forms of payments that new business, old businesses, and even acquired and bought out businesses must pay to the government to stay in business.

When a new business starts up operations in the state of Nevada and hires employees, for instance, they have to pay the new business unemployment insurance tax rate, which amounts to a rate of 2.95 percent of the wages paid to each employee on their pay roll, up to a certain limit of the wages. Depending on what quarter you first registered as an employer in the state, you remain at this 2.95 percent rate for up to 14 to 17 quarters.

Then after that time period is up, you go to what is called (and what we’ve talked about) as the experience rating tax rate. Along with this tax, employers in the state of Nevada have to pay a Career Enhancement Program tax of .05 percent of these taxable wages.