                                 CODE OF VIRGINIA

AMOUNT OF TAXES; INCREASE OF RATE (§ 60.2-515)

Each employer shall pay taxes equal to the following percentages of wages
payable by him with respect to employment:

1. Except as otherwise provided in Article 4 (&#xA7; 60.2-525 et seq.) of this
chapter, 6.2 percent with respect to employment during the calendar year. Wages
payable beyond the last pay period in December shall be considered as wages
payable in the first pay period of the succeeding year, and included in reports
required for the first reporting period of such year.

2. If the Federal Unemployment Tax Act is at any time amended to permit a higher
maximum rate of credit against the federal tax now levied under &#xA7; 3301 of
the Internal Revenue Code than the credit that is now permitted under &#xA7;
3302 of the Internal Revenue Code, to an employer with respect to any state
unemployment compensation law whose standard tax rate on payroll under such law
is more than 5.4 percent, the standard tax rate for all employers under this
title shall, by Commission rule promulgated under &#xA7; 60.2-111, be increased
from 5.4 percent on wages to that percentage on wages which corresponds to the
higher maximum rate of credit thus permitted against the federal unemployment
tax. Such increase shall become effective on the same date as such higher
maximum rate of credit becomes permissible under such federal amendment.

3. If the Federal Unemployment Tax Act is at any time amended to increase the
rate of excise tax each employer pays for employing individuals, the Commission
may, by rules promulgated under &#xA7; 60.2-111, increase the rate of taxes
under this title to the rate which corresponds to the highest maximum rate of
credit permitted against such higher federal unemployment excise tax. Such
increase shall become effective on the same date as such higher rate of federal
unemployment excise tax becomes effective.

HISTORY: Code 1950, § 60-63; 1950, p. 360; 1956, c. 440; 1968, c. 738, §
60.1-75; 1974, c. 466; 1977, c. 330; 1980, c. 480; 1981, c. 606; 1985, c. 152;
1986, c. 480.