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Controlling employment tax costs in a declining economy.
As a result of the economic crisis, employers are enforcing a variety of payroll saving strategies, such as cutting benefits, 401(k) matches, and healthcare contributions. As unemployment rates increase, there are both immediate and delayed consequences. Administration costs for unemployment claims increase for employers, and state unemployment insurance taxes rise, as well.
At the same time, states that declare insolvency due to the depletion of their trust funds are finding it necessary to borrow money from the federal government or through bond issuances.
It may appear that there is little an employer can do to control rising costs. But employers can be proactive and implement measures to lessen the impact and mitigate costs.
This article addresses the issues and opportunities associated with controlling employment tax costs in a down economy.
At the same time, states that declare insolvency due to the depletion of their trust funds are finding it necessary to borrow money from the federal government or through bond issuances.
It may appear that there is little an employer can do to control rising costs. But employers can be proactive and implement measures to lessen the impact and mitigate costs.
This article addresses the issues and opportunities associated with controlling employment tax costs in a down economy.
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