Nevada, known as the Silver State, actually produces the greatest amount of gold in the country. The state of Nevada was named for the Sierra Nevada mountain range. Sierra Nevada translates to “snow covered saw,” describing the appearance of the mountain range from a distance. Ironically, snow is not a common feature in the Nevada climate as the state happens to be the driest state in the country. Nevada is also home to the world famous city of Las Vegas, the Hoover Dam (located on the border of Nevada and Arizona) and Area 51.
Nevada closed out the first quarter of 2016 with an unemployment rate of 5.8%, down from 6.1% at the end of last year. While the Nevada unemployment rate has been trending downward over the last couple of years, the state has consistently maintained a rate of unemployment above the national average. The state reached its highest level of unemployment in January of 2011 at 13.9%. The high unemployment of the Great Recession caused the state to borrow federal funds in order to support its unemployment program as was the case for most states during that time. To repay the federal debt, Nevada used employer financed bonds and currently has a positive balance in its state unemployment trust fund. However, with a current AHCM of 0.26, the balance in the state fund is not currently sufficient to withstand another recession.
The taxable wage base in Nevada is $28,200, and the current average tax rate for employers state-wide is 2.0% (as a percentage of taxable wages). The maximum duration of unemployment payments in Nevada is currently 26 weeks, which is in line with the national average. The maximum weekly benefit amount that unemployment claimants can collect is $412 and the maximum total benefit amount is $10,712.
Unemployment protest rights for base period employers are highly limited in Nevada. Even for taxable base period employers, they must have paid a minimum of 75% of the total base period wages for that claimant to have rights to protest their liability on an unemployment claim. There are some limited exceptions to this rule.