Each employer shall pay taxes equal to the following percentages of wagespayable by him with respect to employment:
1. Except as otherwise provided in Article 4 (§ 60.2-525 et seq.) of thischapter, 6.2 percent with respect to employment during the calendar year.Wages payable beyond the last pay period in December shall be considered aswages payable in the first pay period of the succeeding year, and included inreports required for the first reporting period of such year.
2. If the Federal Unemployment Tax Act is at any time amended to permit ahigher maximum rate of credit against the federal tax now levied under § 3301of the Internal Revenue Code than the credit that is now permitted under §3302 of the Internal Revenue Code, to an employer with respect to any stateunemployment compensation law whose standard tax rate on payroll under suchlaw is more than 5.4 percent, the standard tax rate for all employers underthis title shall, by Commission rule promulgated under § 60.2-111, beincreased from 5.4 percent on wages to that percentage on wages whichcorresponds to the higher maximum rate of credit thus permitted against thefederal unemployment tax. Such increase shall become effective on the samedate as such higher maximum rate of credit becomes permissible under suchfederal amendment.
3. If the Federal Unemployment Tax Act is at any time amended to increase therate of excise tax each employer pays for employing individuals, theCommission may, by rules promulgated under § 60.2-111, increase the rate oftaxes under this title to the rate which corresponds to the highest maximumrate of credit permitted against such higher federal unemployment excise tax.Such increase shall become effective on the same date as such higher rate offederal unemployment excise tax becomes effective.
(Code 1950, § 60-63; 1950, p. 360; 1956, c. 440; 1968, c. 738, § 60.1-75;1974, c. 466; 1977, c. 330; 1980, c. 480; 1981, c. 606; 1985, c. 152; 1986,c. 480.)
Each employer shall pay taxes equal to the following percentages of wagespayable by him with respect to employment:
1. Except as otherwise provided in Article 4 (§ 60.2-525 et seq.) of thischapter, 6.2 percent with respect to employment during the calendar year.Wages payable beyond the last pay period in December shall be considered aswages payable in the first pay period of the succeeding year, and included inreports required for the first reporting period of such year.
2. If the Federal Unemployment Tax Act is at any time amended to permit ahigher maximum rate of credit against the federal tax now levied under § 3301of the Internal Revenue Code than the credit that is now permitted under §3302 of the Internal Revenue Code, to an employer with respect to any stateunemployment compensation law whose standard tax rate on payroll under suchlaw is more than 5.4 percent, the standard tax rate for all employers underthis title shall, by Commission rule promulgated under § 60.2-111, beincreased from 5.4 percent on wages to that percentage on wages whichcorresponds to the higher maximum rate of credit thus permitted against thefederal unemployment tax. Such increase shall become effective on the samedate as such higher maximum rate of credit becomes permissible under suchfederal amendment.
3. If the Federal Unemployment Tax Act is at any time amended to increase therate of excise tax each employer pays for employing individuals, theCommission may, by rules promulgated under § 60.2-111, increase the rate oftaxes under this title to the rate which corresponds to the highest maximumrate of credit permitted against such higher federal unemployment excise tax.Such increase shall become effective on the same date as such higher rate offederal unemployment excise tax becomes effective.
(Code 1950, § 60-63; 1950, p. 360; 1956, c. 440; 1968, c. 738, § 60.1-75;1974, c. 466; 1977, c. 330; 1980, c. 480; 1981, c. 606; 1985, c. 152; 1986,c. 480.)
Each employer shall pay taxes equal to the following percentages of wagespayable by him with respect to employment:
1. Except as otherwise provided in Article 4 (§ 60.2-525 et seq.) of thischapter, 6.2 percent with respect to employment during the calendar year.Wages payable beyond the last pay period in December shall be considered aswages payable in the first pay period of the succeeding year, and included inreports required for the first reporting period of such year.
2. If the Federal Unemployment Tax Act is at any time amended to permit ahigher maximum rate of credit against the federal tax now levied under § 3301of the Internal Revenue Code than the credit that is now permitted under §3302 of the Internal Revenue Code, to an employer with respect to any stateunemployment compensation law whose standard tax rate on payroll under suchlaw is more than 5.4 percent, the standard tax rate for all employers underthis title shall, by Commission rule promulgated under § 60.2-111, beincreased from 5.4 percent on wages to that percentage on wages whichcorresponds to the higher maximum rate of credit thus permitted against thefederal unemployment tax. Such increase shall become effective on the samedate as such higher maximum rate of credit becomes permissible under suchfederal amendment.
3. If the Federal Unemployment Tax Act is at any time amended to increase therate of excise tax each employer pays for employing individuals, theCommission may, by rules promulgated under § 60.2-111, increase the rate oftaxes under this title to the rate which corresponds to the highest maximumrate of credit permitted against such higher federal unemployment excise tax.Such increase shall become effective on the same date as such higher rate offederal unemployment excise tax becomes effective.
(Code 1950, § 60-63; 1950, p. 360; 1956, c. 440; 1968, c. 738, § 60.1-75;1974, c. 466; 1977, c. 330; 1980, c. 480; 1981, c. 606; 1985, c. 152; 1986,c. 480.)
