California’s interest rate on overdue payroll taxes will remain 7%, according to an Oct. 6 update on the state Employment Development Department’s website.
The 7% interest rate will be in effect through June 30, 2024.
The interest rate applies to all overdue payroll taxes, such as unemployment insurance tax, employment training tax, and state disability insurance tax, according to the website. Interest is compounded daily on the unpaid tax, any interest, and certain penalties.
The state cannot waive or cancel interest, the department warned.
Payroll tax deposits are considered overdue if they are not paid within a month of ...
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