SUI (State Unemployment Insurance)
What Is SUI (State Unemployment Insurance)?
State unemployment insurance (SUI) is a program enacted by most states to provide financial assistance to eligible workers who become unemployed, States are required to provide coverage to eligible taxpaying employees.
In 2005, 44 states provided unemployment insurance benefits to eligible workers who became unemployed, 12 states provided these benefits to at least some employees but did not record any eligible claims.
Employers pay unemployment taxes into state unemployment funds, which administer the benefits programs when workers become unemployed. Workers can collect benefits when they become unemployed, or they can voluntarily choose to collect benefits while they are still employed.
Examples of sui tax are:
- income tax.
- corporate income tax.
- excise duty.
- value-added tax.
- goods and services tax.
Sui tax are a way of ensuring that people who are self-employed or who own their own businesses, pay their fair share of taxes.