Three Main Charges To the Solvency Assessment Account
The solvency account has three main charges as follows:
- Dependency allowances
- State-funded extended benefits, and
- Benefits paid when claimants are in DUA approved training programs.
Solvency Assessment Is not Paid Directly, but Reduces the Employer’s Account Balance
The solvency assessment is not paid through the DUA QUEST system, but is applied to the account balance when calculating the employer’s new rate. The solvency assessment rate of 1.22% for 2010 (1.71% for 2011) is multiplied by the employer’s taxable wages for the period to determine the total solvency assessment to be applied to each account.
More Questions on the Massachusetts Solvency Assessment?
Contact Vision Payroll if you have further questions on the Massachusetts solvency assessment.