Updated July 24, 2014
Illinois Unemployment Tax Responsibility Chicago Illinois
An employer is automatically given a percentage rate for the unemployment compensation upon the start up of his or her business. Once a former employee begins to collect unemployment, the department will re-adjust the tax rate.
For example, if your company does not have any unemployment claims paid, then the percentage rate will very possibly go down and you will pay less in tax. But, if you begin to have former employees being paid unemployment, then your percentage rate for this tax will probably increase.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals