Form Instructions 940 for Wyoming 2024-2025

Form Instructions 940 for Wyoming: What You Should Know

UI benefits are paid for a set number of weeks throughout the year, typically five weeks in January, March, June, and September. When a worker has UI benefits, he or she is automatically eligible for up to 50 percent of weekly average earnings, and up to 100 percent of weekly average wages for a period up to 26 weeks each year beginning with week number one. The state unemployment insurance system was established by the federal Social Security Act of 1935, and most states implemented their own unemployment insurance programs prior to 1982.  UI Benefits. Federal law has created a two-tiered system for UI benefits. The first tier consists of benefits for full-time workers between the ages of 16 and 64. The second tier consists of benefits for workers age 18 through 64.  The UI program provides benefits for a specified number of weeks of unemployment. The first 50 weeks are paid at 50 percent of the weekly wage for three out of the last four weeks of a period of unemployment. Benefits can also be paid to workers between the ages of 21 and 65 who are unemployed for one or two consecutive weeks of unemployment. The UI benefit is based on the state's minimum wage for workers in the same business category. The UI benefits are calculated as follows: For each week of unemployment, UI benefits are the same as in previous years. The federal UI taxes collected for the weeks of UI unemployment are based on the worker's basic UI minimum wage rate. When UI benefits exceed 50 percent of the worker's regular wages, the federal UI unemployment tax, on the combined weekly payroll amount, is imposed in addition to the state unemployment tax. The maximum amount of UI benefits is limited to the worker's regular wage up to a maximum amount set by the federal government, not less than 25 percent of his or her weekly earnings as established under this subsection. For purposes of computing the worker's adjusted UI net earnings, the federal tax, on the combined weekly payroll amount, computed with either the lower or higher of: a) his or her state income tax rate or (b) the federal amount of the federal UI tax for the current taxable year is added and a total earned income tax credit equal to the total earnings from all the working credits is deducted. State income tax rates are the same as in previous years.  State UI taxes for individuals between the ages of 19 and 34 are the same as the federal tax for individuals over the age of 20.

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