Unemployment Tax: It’s Your Responsibility
The Unemployment Insurance Tax program is part of a national program administered by the U.S. Department of Labor under the Social Security Act. The program provides temporary payments to individuals who are unemployed through no fault of their own.
The program was developed in the 1930s and is designed to help stabilize the economy by preventing a sharp drop in consumer spending during periods of unemployment.Benefits are paid to lighten the burden of unemployment on the unemployed individual, to maintain purchasing power in the community and to allow laid-off employees to remain in the area so they will be available for re-employment.
Unemployment Insurance Tax is paid by the employer. As an employer in Mississippi, you are required to do certain things as it related to the Unemployment Insurance Tax program:
Reporting and Filing