{"id":4474,"date":"2010-11-19T15:12:56","date_gmt":"2010-11-19T20:12:56","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=4474"},"modified":"2010-12-02T10:33:05","modified_gmt":"2010-12-02T15:33:05","slug":"question-of-the-week-are-there-any-other-credit-reduction-states-for-2010","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2010\/11\/question-of-the-week-are-there-any-other-credit-reduction-states-for-2010\/","title":{"rendered":"Question of the Week: Are There Any Other Credit Reduction States for 2010?"},"content":{"rendered":"

<\/a>

\r\n\t\"Governor<\/a>\r\n\t
Governor Mark Sanford, Courtesy of South Carolina Governor's Office<\/div>\r\n<\/div>This week\u2019s question comes from Peter, a company controller. I read that Michigan<\/a> is a credit reduction state for 2010. Are there any other credit reduction states for 2010? Answer: Federal law provides for a reduction in the FUTA tax credit when a state has outstanding federal loans for two years. The credit reduction is calculated on Schedule A<\/a> of Form 940<\/a>.<\/p>\n

South Carolina and Michigan Are the Credit Reduction States for 2010<\/strong><\/p>\n

In addition to Michigan, the South Carolina Department of Employment and Workforce<\/a> has announced<\/a> that South Carolina is also a FUTA credit reduction state for 2010.<\/p>\n

Maximum Tax Increase Is $21 per Employee<\/strong><\/p>\n

Since this is South Carolina\u2019s first year as a credit reduction state, the credit reduction will be 0.3% or a maximum of $21 per employee. This is calculated by multiplying the wage base of $7,000 by the credit reduction of 0.3%.<\/p>\n

Michigan, South Carolina and Indiana Are Credit Reduction States for 2010<\/strong><\/p>\n

As noted elsewhere and in the comments, the three credit reduction states for 2010 are Michigan<\/a>, South Carolina, and Indiana<\/a>. Unless Congress changes the rules or states make significant changes, as many as thirty-eight states may be credit reduction states in 2011.<\/p>\n

Vision Payroll Will Calculate the Credit Reduction for All South Carolina Clients<\/strong><\/p>\n

Contact Vision Payroll<\/a> if you have any further questions on the South Carolina credit reduction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Governor Mark Sanford, Courtesy of South Carolina Governor’s Office This week\u2019s question comes from Peter, a company controller. I read that Michigan is a credit reduction state for 2010. Are there any other credit reduction states for 2010? Answer: Federal law provides for a reduction in the FUTA tax credit when a state has outstanding […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[435,1407,529,74,44,365],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/4474"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=4474"}],"version-history":[{"count":5,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/4474\/revisions"}],"predecessor-version":[{"id":4572,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/4474\/revisions\/4572"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=4474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=4474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=4474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}