Posted on May 21, 2014

Missouri Unemployment Federal Interest Assessment

The Missouri Unemployment Insurance Trust Fund has reached a level that requires the Division to request advances from the United States Treasury in order to continue paying unemployment insurance benefits to eligible claimants.

All such advances are subject to an interest charge by the U.S. Treasury. According to Missouri Statute 288.128, this charge is to be collected from employers who are covered under the Missouri Employment Security Law. Employers will be notified of their share of the interest on line 8 of the second quarter of 2014 Contribution and Wage Report. The amount of each employer's share is based on the employer's taxable payroll during the calendar year of 2013. It is possible for the employer to have an interest charge even though they have a zero contribution rate.

In order to remit this Interest Charge with your 2nd Quarter contribution, Paycor will need to debit your tax account. We have been in contact with the Division of Employment Security and they will provide us with your Interest Charge amount.

Once we receive the information from Missouri, a separate communication will be sent with your specific amount and impound date.

If you have any further questions please do not hesitate to contact our Tax Department.