Business MD Unemployment Tax

As an accountant and *TAX pro one of the things I do for my clients is to help them pay their unemployment tax in Maryland. Maryland charges unemployment taxes for those companies that have a payroll. Even single member LLC’s who act like a S corporation have to pay it. The tax is very interesting because it seems they like to try to stick it to new companies the most. My son has been operating his S corporation for a couple of years now and I went to make his payment for the third quarter and the rate was 7.5%. I couldn’t believe it. So even though we were at the deadline, I still called and complained and heard nothing but then suddenly a week later I did get a letter from the state saying the rate had been changed back to 2.6%. So please pay attention when you’re paying this bill 7.5 is WAY TOO HIGH but you do have to pay it quarterly and they will fine you if you’re late. They will also fine you if you don’t submit a zero payroll even if you have no pay payroll. Call me if you need help!

James D Jones 410-457-7331 www.ATB.TAX