The following rate information is in effect for calendar year 2008.
| VEC Tax Rate Information | 2008 | 2007 | 2006 | 2005 |
| Minimum Computed Tax Rates | 0.12% | 0.17% | 0.29% | 0.52% |
| Maximum Computed Tax Rate | 6.22% | 6.27% | 6.39% | 6.62% |
| Assigned New Employer Tax Rate | 2.52% | 2.57% | 2.69% | 2.92% |
| Pool Cost Charge | 0.02% | 0.07% | 0.19% | 0.22% |
| Fund Building Charge | n/a | n/a | n/a | 0.20% |
Minimum Qualifying Wages 2008: Total of $2,700 paid in at least two quarters of the base period Weekly Benefit Amount effective with claims filed on or after July 6, 2008: Minimum: $54 Maximum: $378.00
GLOSSARY OF TERMS
Acquisition
The transaction by which an individual or organization obtains the organization, trade, business, or assets of another individual or organization and, thereby, becomes subject to the Virginia Unemployment Compensation Act. §60.2-210
Agricultural Labor
Any services performed on a farm or in farm-related work in the handling, planting, drying, packing, packaging, processing, freezing, grading, storing, or delivering to storage or to market of any agricultural or horticultural commodity. §60.2-201
Audit
A formal, official examination and verification of the records of an employer.
Base Period
The first four of the last five completed calendar quarters preceding the week in which the claim is filed. If the claimant has earned insufficient wages in the first 4 of the last 5 completed calendar quarters to become eligible for benefits, then such claimant’s “base period” shall be the 4 most recent completed calendar quarters immediately preceding the first day of the claimant’s benefit year. §60.2-204
Benefit Ratio
The percentage equal to the sum of the benefit charges for the four-year period ending on June 30 preceding the year for which the tax rate is being computed divided by the total of the paid taxable payrolls for the same period. §60.2-530
Benefit Year
The fifty-two-week period beginning with the first day of the week in which an individual files a new claim. §60.2-206
Calendar Quarter
The period of three consecutive calendar months ending on March 31st, June 30th, September 30th, or December 31st.
Claimant
An unemployed individual who files a claim for unemployment compensation.
Corporation
An entity formed and authorized by law to operate and conduct business in the same manner as an individual.
Delinquent Employer
An employer who has failed to submit required quarterly tax reports, payments, interest, and/or penalties by the due dates. §60.2-513, §60.2-538
Duration of Benefits
The number of total weeks of benefits a claimant may potentially draw during a benefit year. §60.2-602, §60.2-607
Employer
An employing unit that meets the liability requirements under the law and is required to pay unemployment insurance taxes. §60.2-210
Employing Unit
Any individual, organization, or governmental entity that has one or more individuals performing services for it within the state. §60.2-211
Employment
Any service performed by an individual for remuneration under any written or oral contract of hire with an employing unit. §60.2-212 (For references on exemptions to “employment,” see Section §60.2-219.)
Experience Rating
A system used to establish employer tax rates based on past employment and unemployment experience. §60.2-530, §60.2- 531
Extended Benefits
Unemployment benefits paid to a claimant after regular benefits have been exhausted, during periods of prescribed high national or state unemployment levels. §60.2-610, §60.2-611
Federal Employer Identification Number (FEIN)
The registration number assigned by the Internal Revenue Service to an employer.
FUTA (Federal Unemployment Tax Act)
The tax imposed by the federal government on employers with respect to having individuals in their employ. §60.2-218
Inactive Account
Status assigned to an employer’s account when it has been found that the employerno longer has employees and, therefore, no payroll report or taxes to submit.
Insolvent
The condition of a legal entity that is unable to pay its debts.
Insured Employment
Term used to describe employment covered by the Unemployment Compensation Act of Virginia or any other state.
Interest
Monetary charge, which is computed and added to the amount of taxes, owed and remaining unpaid after the date such taxes were due. §60.2-519
Last Thirty-Day Employer
The most recent employer for whom a claimant performed services for any part of a day for thirty days, whether or not such days were consecutive, or a total of 240 hours.
Liability Date
The date that an employer meets the statutory criteria for liability coverage with the Virginia Employment Commission.
Maximum Benefit Amount
The total amount of benefits that an individual may receive during his benefit year. (This amount is determined by multiplying his weekly benefit amount and the number of weeks of benefits for which he may qualify.) §60.2-607
Tax Report
The portion of the Employer’s Quarterly Report (Forms VEC FC-20/21) that states the total wages paid, the amount of taxable wages, and taxes due by the employer for the quarter covered by this report.§60.2-512
Unemployment
An individual is totally “unemployed” during any week in which he performs no services and with respect to which no wages are payable to him; he is partially “unemployed” if he works less than his full-time hours and receives less wages than his weekly benefit amount. §60.2-226
Waiting Week
The first week of eligibility in a claim year is a waiting week and is not paid. Only one waiting period week is served in a benefit claim year. §60.2-612.9
Week
Seven consecutive days beginning on Sunday and ending the following Saturday at midnight. §60.2-230
Weekly Benefit Amount (WBA)
The weekly benefits payable to a totally unemployed individual. The amount is based on prior earnings. §60.2-602
CONTACT INFORMATION
VEC Workforce Center Locations
Log on to: www·vec·virginia·gov/vecportal/field/field_offices·cfm for a complete listing of locations, addresses, phone numbers, and hours of operation. Dial toll free, 1-800-897-5630, choose the ‘employer and tax information’ main menu and then option ‘3’to find the VEC location nearest you, or consult your local telephone directory.
VEC Administrative Office Location
703 East Main Street, Richmond, VA 23219. (North 7th & East Main Sts.)
Mailing address
Virginia Employment Commission, P.O. Box 1358, Richmond, VA 23218-1358.
Telephone number
Direct access to the VEC Administrative Offices in Richmond is 804-786-1485
Virginia Relay
711 (Telecommunications Relay Service)
Toll free access
800-828-1120 (TDD) or 800-828-1140 (voice)
IVR - Employer Tax Information
1-800-897-5630
To file a claim for Unemployment Benefits
1-866-832-2363