Iowa Gov. Kim Reynolds announced that the schedule of unemployment insurance rates used to tax Iowa employers will remain at the lowest possible level allowed by law. This marks the second consecutive year at the current rates, and only the second time Iowa’s rates have been at this level during the past 25 years. Iowa law requires Iowa Workforce Development to establish a table each year to determine the effect of unemployment tax rates on eligible employers. The trigger for deciding which unemployment insurance rate table to implement is derived from a formula based primarily on the balance in the Unemployment Insurance Trust Fund, unemployment benefit history and covered wage growth. The latest calculations based on this formula mean contribution rates in 2024 again will be drawn from Table 8. Last year, the switch to Table 8 from Table 7 saved employers an estimated $72.20 per employee, based on employee wages totaling $36,100 or more with employers paying the median tax rate and remaining in the same tax rank.