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2018 Unemployment Cost Facts for Colorado

2018 CO

What do state unemployment tax (SUTA) costs, claims costs and wage base amounts mean to your organization?

These factors could mean less money for your cause.

57% Average SUTA Cost per Employee Increase

Factors used in calculating employer state unemployment rates have increased; therefore increasing the average unemployment tax cost per employee by 57% since 2009 to about $250  by 2017.

savings snipUnemployment Claim Stats

$14,898 Total Maximum Benefits

A claimant can collect up to a maximum of $14,898 on a single claim.

15.394% Unemployment Claim Overpayment Rate

Colorado’s fiscal year 2018 unemployment claim overpayment rate was 15.394%, equaling over $74 million.

$12,600 2018 Taxable Wage Base

The unemployment wage base increased from $10,000 in 2011 to $11,000 in 2012, and has continued to increase since; therefore increasing the wages on which employers pay SUTA on.

2017: $12,500

2016: $12,200

First Nonprofit Group provides state compliant, individually insured, cost-saving options to satisfy SUTA requirements for nonprofit, governmental and tribal entities. Click here or call (214) 360-2477 to request a free, no-obligation cost savings evaluation. Evaluations include a 2019 rate projection!

Fast Unemployment Cost Facts for Colorado

CO Fact sheet

What do state unemployment tax (SUTA) costs, claims costs and wage base amounts mean to your organization?

These facts could mean less money for your cause.

First Nonprofit Group provides state compliant, individually insured, cost-saving options to satisfy SUTA requirements for nonprofit, governmental and tribal entities. Click here or call (214) 360-2477 to request a free, no-obligation cost savings evaluation. Evaluations include a 2018 rate projection!

Unemployment insurance cost facts every Colorado nonprofit should know

What do state unemployment taxes (SUTA), state unemployment reserve balances and claims overpayment rates mean to your nonprofit?

These factors could mean less money for your nonprofit organization’s cause.

76% Increased Tax Cost

From 2010 to 2012, the Colorado Department of Labor and Employment borrowed money from the federal government in order to pay the excess unemployment claims the state’s trust fund could not cover. In order to replenish the fund, factors used in calculating unemployment tax rates were increased, therefore increasing the average tax cost per employee from $159 in 2009 to $280 in 2015.

76 Million Unemployment Claim Overpayments

The Colorado April 2014-March 2015 unemployment claim overpayment rate was 15.336%, equaling over %76 million in overpayments.

$12,200 2016 Wage Base Increase

The wage base is the maximum amount on which an employer must pay unemployment taxes on for each employee. Colorado increased its unemployment wage base from $11,800 to $12,200 in 2016.

There are options to financing your nonprofit organizations unemployment costs

First Nonprofit Group provides more than 1,800 nonprofit organizations and governmental entities around the country with unemployment insurance at affordable rates. Click here or call 1-(800) 526-4352 to request a free, no-obligation cost savings evaluation. Evaluations include a 2017 rate projection!

Unemployment Insurance for Colorado Nonprofits: There is a safe, cost-effective alternative out there

What do high unemployment rates, increased taxes and negative State Trust Fund Balances mean to your nonprofit? All these statistics mean less money for your cause.

INCREASED TAX COST: 91%

From 2010 to 2012, the Colorado Department of Labor and Employment borrowed money from the Federal Unemployment Account in order to pay the excess unemployment claims the state trust fund could not cover. In order to replenish the trust fund, factors used in calculating unemployment rates were increased, therefore increasing the average unemployment tax cost per employee by 91% (from 2009 to 2014).

IMPROPER PAYMENT RATE OF 12.091%

The Colorado Department of Labor and Employment had a 12.091% average improper payment rate from 2011 to 2014. Over $67 million improper payments were made in 2014 alone.

First Nonprofit Group provides more than 1,700 nonprofits around the country with unemployment insurance at affordable rates. Below is a sample savings analysis of one member since 2010.

 

To find out how much money your organization can save, contact us for an unemployment cost savings evaluation. Evaluations are free, there is no obligation to join, and an estimate of your 2016 unemployment rate is included!
For a PDF version of this fact sheet, please click here.

 

 

 

Colorado’s unemployment tax costs have increased by 107% since 2010! Nonprofits have options.

What do high unemployment rates, increased taxes and negative State Trust Fund Balances mean to your nonprofit? Click here for a copy of our Colorado Fact Sheet for Nonprofits and learn more about:

  • The recent increases in cost of unemployment insurance taxes in Colorado
  • Possible upcoming cost increases
  • What program members have saved by enrolling in one of First Nonprofit Group’s unemployment programs
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    Did your state’s unemployment wage base change in 2014?

    Several states have announced changes to their unemployment taxable wage bases, effective 2014. A state unemployment taxable wage base is the maximum amount on which an employer must pay unemployment taxes for each employee. For example, an employer in Oregon must pay unemployment taxes on the first $35,000 an employee earns throughout the 2014 calendar year.

    Why is this information important?

    Several states have an upcoming April 30th deadline to submit their 1st quarter 2014 wage report. Unemployment taxes must be paid on the correct wage base to avoid any penalties.

    An increase in the taxable wage base can also mean an increase in unemployment tax cost per employee. For example, if an employer in North Dakota had a 1.0% unemployment rate in 2013, their cost per employee would be $318 ($31,800 x 1.0%). In 2014, that cost would increase to $336, should their tax rate remain at 1.0% ($33,600 x 1.0%).

    Nonprofit employers have options to avoid these increases. To request more information, complete the form to the right.

    ** For employers that pay the highest UI tax rate of 9.79%, the wage base is $22,100.

    What’s the Overpayment Rate in Your State?

    The Benefit Accuracy Measurement program (BAM) released the overpayment rates for all state unemployment agencies earlier this year. The program is designed to determine the accuracy of paid and denied claims. The national overpayment rate sits at 10.67%.

     

    2012 Loan Interest Due to the Federal Government

    Over 30 state unemployment agencies have had to borrow money from the federal government in order to replenish their own unemployment unemployment trust funds.  Last year, several of these states began to pay interest owed to the federal government. In 2012, the states listed below will owe over $874 million in loan interest only.  In order to cover loan interest payments, some states have assessed surcharge rates to employers.  To see if your state unemployment agency has introduced any of these surcharges, please visit your state’s page in our ‘State Info‘ section.

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