Includes contributions and penalties from employers and contributions from employees in States which tax workers. 2/ Includes advances from the Federal Unemployment Account in the Federal Unemployment Trust Fund. repayment in March 1968 and Alaska completed repayment in November 1968.) (Michigan completed aly 1969 First payments for Fiscal Year 1968; for years previous to 1960, first payments for 12 months ending September 30. Insured unemployment as a percent of covered employment excludes employees engaged in agricultural aspects of the July 1969 Includes contributions and penalties from employers and contributions from employees which tax workers. 41.56 .393 2/ Ratios do not include employment and wage data for employees and employers engaged in agricultural aspects Includes dependents' allowances. July 1969 1/ Greater of $550 million or 0.4 percent of State taxable wages, assuming no change in current State UI wage bases or coverage provisions. 2/ Extended coverage effective January 1, 1972. 3/ Interest earnings at 4 percent of Loan Fund balance are transferred to this account in order that Loan Account balance will not exceed statutory ceiling. 4/ Interest earnings retained in Loan Account, because new balance is less than statutory ceiling. July 30, 1969 Disposition of Annual Excess Federal Tax Collections over Administrative Expenditures On June 30 of each year, both under current law and the proposed bill, the Treasury Department is responsible for an accounting of Federal unemployment tax collections to determine and to dispose of excess Federal tax collections over administrative expenditures for the year. Three steps are involved in this process: (1) determine the current net balance in the Administration Account; (2) determine the excess, if any, for the year; (3) dispose of the excess by crediting the appropriate account or accounts. The disposition of the excess, if any, will be substantially modified under the proposed bill. A comparison of the existing and proposed order of disposition is listed below: |