With the mass unemployment that resulted from the COVID-19 pandemic, many states have had to borrow from the Federal government to pay unemployment benefits. As a result, many states currently have outstanding loans to the government that will result in higher FUTA taxes being paid by employers in those states in 2022.
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For budgeting purposes, you should assume a 0.6% FUTA rate on the first $7,000 in wages for all states with an additional percentage to be charged to cover the FUTA Credit Reduction (FCR).
The FCR and FUTA rates that will be charged for 2022 are listed below.
State
FCR Rate
FUTA + FCR Rate
California
0.30%
0.90%
Colorado
0.30%
0.90%
Connecticut
0.30%
0.90%
Illinois
0.30%
0.90%
Massachusetts
0.30%
0.90%
Minnesota
0.30%
0.90%
New Jersey
0.30%
0.90%
New York
0.30%
0.90%
Pennsylvania
0.30%
0.90%
Texas
0.30%
0.90%
Virgin Islands
3.30%
3.90%
