The Federal Unemployment Tax Act (FUTA) requires the employers to pay the FUTA taxes quarterly and report the same on States are required to maintain an SUI taxable wage base of no less than the limit set under the Federal Unemployment Tax Act (FUTA). Generally you must file a Form 940 and pay FUTA tax (on non-household employees or farmworkers) for 2022 for employees if you answer yes to either of these questions (referred to as the general test): You must file a Form 940 and pay FUTA tax (on non-household employees or farmworkers) in 2022 for employees who arent if your business satisfies any of the following criteria: There are some exemptions, as we will discuss next. Legislation enacted in 2016 (SB 235) increased the SUI taxable wage base to $9,500 for calendar years 2018 and 2019. FUTA is one of those taxes you must make sure you calculate correctly and pay on time. There are three tests used to determine whether you must pay FUTA tax: a general test, household employers test, and agricultural employers test. Any Canadians earning less than $53,359 in taxable income . Weekly benefit amounts are also increased 6.5%. The FUTA tax applies to the first $7,000 in wages you pay an employee throughout the calendar year. The OASDI tax rate for wages paid in 2022 is set by statute at 6.2% for employees and employers, so an individual with wages equal to or larger than $147,000 would contribute $9,114 to the OASDI program in 2022 . The SSA provides three forecasts for the wage base (intermediate, low and high cost) and all predict an increase to $155,100 in 2023. In this case, your answer would be $120.00 ($15,500 x 0.07 = 930). Multiply the amount by 0.07. Click here to read our full review for free and apply in just 2 minutes. Base tax rate: 0.10%. If youve ever applied for unemployment benefits, you know its managed at the state and territory level. You can also view limits, if any. They not only make managing payroll easier, they can also make handling these crucial taxes easier as well. In case you have deposited FUTA taxes on time for all quarters, you may file the form by February 10. API Solution for Service Providers. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Your small businesss FUTA tax liability for the year is $105.60 ($17,600 * 0.006). You must manage FUTA taxes in two ways deposit the tax each quarter (if required) and file an annual form. You had one or more employees for at least some part of a day in any 20 or more different weeks in 2021 or 20 or more different weeks in 2022. Required fields are marked *. Refer to Publication 966, Electronic Federal Tax Payment System, A Guide to Getting StartedPDF for electronic federal tax payment system information, and Publication 15 for more information on deposit rules. If the due date for filing a return falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day. Agricultural, Domestic, and 501C3 Non-Profit employers have different thresholds . If you have only a few full-time employees or many part-time employees, you might not collect $500 in FUTA taxes in one year. Small business owners carry a lot of responsibility on their shoulders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Negative-balanced employers assigned the maximum tax rate will have a taxable wage base that is $1,500 higher than other employers (e.g., for 2021, $24,600 versus $26,100 for negative-balanced employers). Average Quarterly. The long-term success of your business depends in part on your ability to pay your taxes on time, or to hire someone reliable to help make sure it gets done. . Though the federal government collects tax for unemployment, the money gets distributed to each state and participating territory, which is then disbursed to residents in need. Once an employee's year to date gross earning . Typically, employers must deposit their FUTA tax liability to the U.S. Treasury through the Electronic Federal Tax Payment System (EFTPS) or by filling out and mailing in a paper form (Form 940-V). The FUTA tax rate for 2022 and 2023 is 6%. Fringe-benefit inflation adjustments and Form W-2 penalties for 2022. Experience rating is affected by payroll, tax paid, timeliness of payments and UI benefits charged against the employer's account. So its in your best interest to make sure youre fulfilling your FUTA requirements and other tax responsibilities on time. Consider an employer having 10 employees. The employers experience rate refers to a calculation that is used by the state to help determine how much the employer must pay in SUTA tax based on their experience with previous employees. Consequently, the SUI wage base is flexible in those states, meaning, it is indexed to the average wage or varies based on the trust fund balance. Keep records of these calculations to ensure that no interest is charged to you for underpayment of estimated tax because you deposited too little money during the year. In this guide, we break down what FUTA means, when your business must pay it and tips to make sure its done properly. You can connect with Michelle on Twitter (@MichelleLBlack) and Instagram (@CreditWriter). In some states, wages paid to corporate officers or payments for fringe benefits may not be subject to SUTA tax, but may be subject to FUTA. ( SSA Press Release, 10/13/2022) For 2023, the FICA tax rate for both employers and employees is 7.65% (6.2% for OASDI and 1.45% for Medicare). Employers typically get a credit for amounts paid to a state unemployment fund by January 31, 2023 (or February 10, 2023, if your Form 940 is due then). . The tax applies to the first $7,000 you paid to each employee as wages during the year. If an employer pays wages that are subject to the unemployment tax laws of a credit reduction state, the credit an employer may receive for state unemployment tax it paid is reduced, resulting in a greater amount of federal unemployment tax due when filing its Form 940 and including the Schedule A (Form 940), Multi-State Employer and Credit Reduction InformationPDF. Or is it impossible to be 0? The FUTA tax rate is 6% of the first $7,000 of wages, though many businesses qualify for a tax credit that lowers it to 0.6%. Thanks! Failure to pay FUTA taxes can lead to significant penalties, including fines and even criminal charges. For Quarter 3 (July to September), the FUTA Tax Payment is due by October 31. Unemployment tax rates did not change. The due date for filing the Form 940 is January 31. For the household employers and agricultural employerstests, see Chapter 14 in Publication 15, (Circular E), Employers Tax Guide. Paying taxes, including federal income tax, social security tax, and Medicare tax, is an obligation youll need to fulfill again and again often on a monthly, quarterly, and yearly basis. The company must remit the FUTA tax liability by January 31 st of the following month. Annual Federal Unemployment Tax Return (Form 940), Wage and Tax Statement (Form W-2), and . The 2022 taxable wage base subject to the Social Security portion of the FICA tax is $147,000, up from $142,800 in 2021. The Building Fund and State Experience Factor rates that make up SUTA rates in Illinois both increased from 0.525% to 0.55% and from 111% to 127%, respectively. In response to the COVID-19 economic crisis, most states took action in mid to late 2020 and early 2021 to minimize some of the financial concerns (i.e., increases in SUI tax expenditures) that might affect companies in the calendar year 2021. Return to Top. Employers are responsible for paying 6% of the first $7,000 of each employee's wages. Required fields are marked *. If you classify as an employee to your S-Corporation, your business must pay FUTA tax on your wages. FUTA is an employer tax, so employees do not pay into it. If your FUTA tax liability for the fourth quarter (plus any undeposited amounts from earlier quarters) is $500 or less, you can either deposit the amount or pay the tax with your Form 940 by January 31. Employer rate. In 2019, the Virgin Islands received the only reduction of this kind. This ratio is multiplied by 0.68 to yield the Employer's Reserve Ratio . Lets see how to calculate the FUTA tax. In the calendar year 2023, a new employer just beginning a business in the state of Arkansas is assigned a new employer rate of 3.1% and will remain at that rate until . News A FUTA credit reduction state is a state that borrowed money from the trust fund but failed to repay those funds by the due date. Federal Minimum Wage. FICA taxes are also based on payroll, but are a different tax. The unemployed workers who are eligible to claim their unemployment insurance. The term legal holiday means any legal holiday in the District of Columbia. Sometimes states need to borrow money from the federal government to pay unemployment benefits. Generally, you make electronic fund transfers by using the Electronic Federal Tax Payment System (EFTPS). Copyright 1996 2023, Ernst & Young LLP. New employers are charged SUTA tax at the new employer rate (varying by state). We'd love to hear from you and encourage a lively discussion among our users. The taxable wage base will continue to increase as follows: 2022 $12,000; 2023 $12,300; 2024 $12,500; 2025 $12,800; 2026 $13,000; for each year thereafter, computed as 16% of the state's average annual wage. The good news is that many payroll services can calculate unemployment tax rates and remit unemployment taxes, as well as prepare and file Form 940, for employers. Use our research to quickly and easily find the right accounting solution for your business. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Once an employee makes $7,000 in gross wages for the year that's it. But if you paid an employee $6,000, you pay 6.0% of $6,000 in FUTA. When that happens, you pay whatever youve collected by January 31 of the next year. Know your quarterly average gross payroll (AGP). You can pay extras to employees in addition to their income or earnings, such as the cost of meals or housing, some relocation charges, health plans, group life insurance benefits, or 401ks. Note that FUTA tax filings are due before your small business taxes. Once an employees year to date gross earning reaches $7,000 for the year, then the employer can stop paying FUTA tax. Note Rates stored in tables and some flat rates are not available in this utility. Employee 3 has $37,100 in eligible FUTA wages, but FUTA applies only to the first $7,000 of each . With only three months remaining for federal fiscal year (FFY) 2022, our 2023 IRS limits forecast will most likely set the record for a one-year increase, in terms of both dollars and percentage, even if inflation transitions to 3.0% annually (0.25% per month) for July through September 2022. Updated Aug. 5, 2022 - First published on May 18, 2022. 4 January 31, 2022 January 31, 2022 February 28, 2022 Paychex 2021 Tax Bulletin SUI or FUTA Exempt Employees If you had employees who were exempt for state unemployment insurance (SUI) or federal You can pay extras to employees in addition to . The actual FUTA base rate is 6%. The Ascent does not cover all offers on the market. Since then, the government has added several national programs, including Medicare and Medicaid, and business taxes partially fund many of them. Click here to know how to add FUTA taxes to pay stubs.. Access our support center for frequently asked questions and answers about 123PayStubs. States include the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Privacy PolicyTerms of Service, Federal Unemployment Tax Act (FUTA) Updates for 2023. Form 940 is due by January 31 every year. The IRS publishes details of the taxability of fringe benefits in Publication 15-B (2023), Employers Tax Guide to Fringe Benefits. | Refund Policy The conditional factor (D) calculation for 2023 must then be applied, which for rates of 0.1% to 0.9%, simply add 0.6%. not too overbearing with too many details well spoken & straight to the point. 2020 FUTA credit reduction 10 State unemployment insurance wage base limits 11 . The Instructions for Form 940 include a detailed list of these fringe advantages. Do Not Sell or Share My Personal Information. Form 940 Legislation from 2019 (LB 428) increases the SUI taxable wage base to $24,000 for employers assigned the maximum rate. Medicare tax. In 2022, the Medicare tax rate for employers and employees is 1.45% of all wages, unchanged . If you're entitled to the maximum 5.4% credit, the FUTA tax rate after credit is 0.6%. 2. Please help us keep our site clean and protect yourself. Businesses contribute to federal unemployment through a payroll tax. FUTA tax rate: Generally, if you paid wages subject to state unemployment tax, you may receive a credit of up to 5.4% of FUTA taxable wages when you file your Form 940. . In 2020, legislation (SB 55/Act 40) provided that the SUI taxable wage base remained at $7,700 for 2021. This increase is intended to fund the rise in the maximum weekly UI benefit amount, which effective July 1, 2022, will increase to $320, up from $240. Revised tax rate notices were issued in April 2021. In our 2021 edition of US employment tax rates and limits you will find, as of July 15, 2021, the following: Social Security wage base for 2021. (for returns required to be filed in 2022) Filed/corrected On or after On or before Penalty Maximum Maximum small employer The E&T assessment amount cannot be taken as a credit against the Federal unemployment tax (FUTA). Taxpayers can qualify for the foreign earned income exclusion of $112,000 for tax year 2022. The funds provide compensation for workers who lose their jobs. Employers report FUTA tax by filing an annual Form 940 with the IRS. The Federal Unemployment Tax Act (FUTA) is the law that requires employers to pay payroll taxes that provides unemployment compensation to workers who have lost their jobs. Minimum Tax Rate for 2023 is 0.23 percent. Budgets This means that an employers federal unemployment payroll tax liability is equal to 0.6 % on the first $7,000 paid per worker; however, state unemployment taxes are due as well. What Types of Homeowners Insurance Policies Are Available? Use our research to quickly and easily find the right payroll solution for your business. Should a state's Title XII advances remain outstanding on November 10, 2022, employers in the state will be subject to a 0.30% increase in the FUTA tax rate . A credit of up to 5.4 percent for state unemployment taxes can reduce the FUTA tax owed by employers on their payroll, but only if you are subject to state or local unemployment taxes. Experience Rating: Maximum 8.90%. If . In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. If the due date for filing a return falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day. Includes all the Supporting Forms Schedule-A,8453-EMP, & 940-V. Access our resource articles that would help you get more insights about managing the payroll manually. However, there are a few more standards to complete in order to be considered. The 2022 SUI taxable wage base will be $17,000, then $20,400 in 2023; $23,800 in 2024; and $27,200 in 2025. . There continues to be no limit on the amount of wages subject to the Medicare portion of the tax. Start with their gross pay -- their total salary or wages before deductions and taxes -- and subtract: Lets say you have three employees -- two part-time and one full-time -- with the following earnings for the year: The FUTA tax liability is based on $17,600 of employee earnings ($4,900 + $5,700 + $7,000). For budgeting purposes, you should assume a 0.6% FUTA rate on the first $7,000 in wages for all states with an additional percentage to be charged to cover the FUTA Credit Reduction . Add these two amounts together for a total of $15,500. If a business pays wages subject to unemployment tax in a credit reduction state, your business may not be eligible for the full credit against your FUTA tax rate. The FCR and FUTA rates that will be charged for 2023 are listed below. You may have to do everything from securing small business loans to setting the vision for your brand. For any amount of wages exceeding $7,000, the FUTA tax doesn't apply. Below are federal payroll tax rates and benefits contribution limits for 2022. Discover how EY insights and services are helping to reframe the future of your industry. FUTA tax rate: The FUTA tax rate is 6.0%. Some businesses are exempt from FUTA, at least for certain employees. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. California, Connecticut, Illinois, and New York: 0.003 (0.3%). This $7,000 is known as the taxable wage base. Another factor is credit for state unemployment tax paid to a state unemployment fund. Minimum Rate. With the mass unemployment that resulted from the COVID-19 pandemic, many states have had to borrow from the Federal government in order to pay unemployment benefits. * Law sets the taxable wage base; legislation would be necessary to change. Form 940 has you enter information about the state unemployment taxes paid to show that you qualify for the 5.4% tax credit. In 1938, people lined up to receive unemployment benefits. It was raised to 62.5 for the remainder . So if a business owner paid 5 employees in excess of $7,000 per year it would owe approximately $2,100 in total FUTA tax. The 2021 rates are effective Jan. 1, and remain in effect through 2021 unless Congress passes new tax legislation. Effective January 1, 2023, legislation (SB 1828/Chapter 412) will increase the SUI taxable wage base to $8,000, up from $7,000. Minnesota. In the above example, if John is paid wages in a credit reduction state lets say New York the employer will not get the full 5.4% credit on his wages for 2022. The Department of Labor runs the loan program and determines the credit reduction states each year; see FUTA Credit Reduction for more information. However, if you deposited all FUTA tax when due, you have until February 10 to file. If the employer is eligible for the maximum credit, it means that the tax rate will be only 0.6% i.e: 6% minus 5.4%. And if you are not good at that kind of stuff but want to get it done on time, then hiring a professional is probably your best choice. Although Form 940 covers a calendar year, you may have to deposit your FUTA tax before you file your return. The FUTA tax rate protection for 2021 is 6% as per the IRS standards. To learn more about the household employees and farmworkers tests, and exceptions for other employees, check out Chapter 14 of the IRS Employers Tax Guide. Bulk Upload Template for Tax Pros. This was because Michigan's UI trust fund balance fell below $2.5 billion on June 30, 2020. The Federal Unemployment Tax Act came into law after the worst recession the U.S. had ever seen, where unemployment spiked to unprecedented levels. Your email address will not be published. Rate Class. Health Savings Account limits for 2021 and 2022. Count all full-time, part-time, and temporary employees. Employees who worked any part of a day count. The reader should contact his or her attorney, CPA, or tax professional prior to taking any action based upon this information. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. To compute the FUTA tax on a workers annual wages, do the following: Add up all taxable wages paid to an employee in a calendar year. or chat for any questions! We have not reviewed all available products or offers. In some states the credit is reduced because of funds the state borrowed from the federal government, and there are other factors that may reduce the credit, discussed below under exemptions. | CCPA, Understanding the Federal Unemployment Tax Act (FUTA), FUTA Tax Rates and Taxable Wage Base Limit for 2022. The maximum FUTA tax credit is 5.4%. The State Unemployment Tax Act (SUTA) is essentially FUTA on the state level. If you do your own payroll and need to report these taxes yourself, have a record of your businesss payroll in front of you. Businesses dont pay FUTA tax on contractors since theyre not considered employees. For Quarter 2 (April to June), the FUTA Tax Payment is due by July 31. The Social Security wage base is $147,000. If I'm on Disability, Can I Still Get a Loan? E-file Starts at $4.95 /form. According to the U.S. Department of Labor (US DOL), 24 jurisdictions had a flexible wage base in 2020 (the US DOL expects the 2021 information will be available by the end of December 2021). Copyright, Trademark and Patent Information, Youve paid employees $1,500 or more in any quarter of the year, Youve had one or more employees working at least 20 weeks during the year, even if theyre part-time or temporary employees and worked part of a day, The wages of your children under 21 if youre their employer. See the table on page 2. FUTA joined the Social Security Act of 1935 to create a suite of economic security programs that buoy individuals and the U.S. economy during hard times. Usually, the FUTA tax payments are due by the end of the last month following the end of the quarter. Use Schedule A Form 940 to calculate and report Multi-State Employer and Credit Reduction Information to the IRS. However, you can carry over your FUTA tax liability to the next quarter if it is less than $500. If during that same period you paid Employee John only $5,000 of wages subject to FUTA taxes, then your total is still $15,500. Qualified pension plan limits for 2021. SPAN Enterprises LLC Additional information for household employers is available in Publication 926, Household Employers Tax Guide and Topic No. Note: If the FUTA tax liability of your business for a quarter is less than $500, theres no need to deposit taxes at the end of the quarter. So, while, employers in states without a further credit reduction will have a FUTA tax rate of .6% (on the first $7,000 of wages paid) for the year, employers in states with a further credit reduction due to an outstanding balance of advances will incur a FUTA tax rate . IRS Announces 2022 Limits for HSAs and High-Deductible Health Plans, SHRM Online, May 2021. See the Instructions for Form 940 to determine the credit. 2022: $11,000: 2021: $11,000: 2020: $11,500: 2019: $12,000 . State unemployment insurance (SUI) trust funds are largely financed by employer contributions (in Alaska, New Jersey and Pennsylvania employees also make contributions). Add up the wages paid during the reporting period to your employees who are subject to FUTA tax. January 31 is the due date for filing Form 940. You had one or more employees for at least some part of a day in any 20 or more different weeks in 2021 or 20 or more different weeks in 2022. Generally, the SUTA tax rate ranges from 2%-5% of each employee's salary, but it ultimately depends on the state you operate in. Keep your small business bookkeeping sharp so you never miss a payment. Following is a preliminary list of the 2022 SUI taxable wage bases (as compared to 2021) and employee SUI withholding rates, if applicable. Your FUTA tax liability after the credit will be 0.6% of the first $7,000 each employee earns. According to a senior Workforce West Virginia representative, to achieve the 25% savings in 2022, Governor Justice intends to reduce the 2022 SUI taxable wage base from $12,000 to $9,000, which would require legislation to implement. The FUTA tax rate protection for 2021 is 6% as per the IRS standards. Most businesses also have to comply with their state's State Unemployment Tax Act (SUTA), which coordinates with the federal tax. FUTA is federal and SUTA is state. Deferral of the tax payment due dates. Additionally, positive-rated employers and . The FUTA tax liability is based on $17,600 of employee earnings ($4,900 + $5,700 + $7,000). In 2013, the rates dropped substantially due to economic improvements leading up to 2014. For a list of legal holidays, see Chapter 11 in Publication 15, (Circular E), Employer's Tax Guide. The employers under credit reduction state are usually not eligible for the full credit against the FUTA tax rate. Credit Reduction State: This is a state that hasn't repaid money it borrowed from the federal government to pay unemployment benefits. It will bring the FUTA tax liability for Q4 to $1,040 ($490 + $550). B US employment ta rates and limits for 2021 . If the trust fund balance is above $900 million, but less than $1 billion on December 31, the taxable wage base is $8,000. The state where your business files taxes is not a credit reduction state. Tax Rate: 2021 Taxable Income: 2022 Taxable Income: 10%: $0 to $14,200: $0 to $14,650: 12%: . Checking vs. Savings Account: Which Should You Pick? HR Support From Abacus Payroll: Check out our HR Help Center for $11/month . If the tax is calculated using rates from a table instead of a flat rate . Your business will generally be able to claim the 5.4% credit if it can satisfy both of the eligibility requirements below: There are exceptions discussed below, under exemptions. In 2019, legislation (HB 198) froze the taxable wage base at $16,500 for 2020 (under the bill language from July 1, 2019 to October 29, 2020) so that the Division of Unemployment Insurance and the Unemployment Compensation Advisory Council could determine whether the formula used to calculate the annual figure should be revised. This payroll tax is typically imposed on employers, not employees, and varies by industry and location. Generally, you're entitled to the maximum credit if you paid your state unemployment taxes in full, by the due date of the Form 940, and the state isn't determined to be a credit reduction state. Qualified pension plan limits for 2021. An official website of the United States Government. Every employer pays FUTA; nothing is taken from the employees pay. How do you move long-term value creation from ambition to action? Deposit your FUTA tax by the last day of the month after the end of the quarter. Wage limit . The following table indicates the amount of each employee's wages that are taxable and the range of rates: . Take note that a person that is part of your workforce is considered as an employee if they are engaged in service to you, and its for your business (or trade), whether its full or part-time. Effective Jan. 1, 2022, the unemployment-taxable wage base is to be $7,000, the department said on its website. Contrary to popular belief, the default rate for Federal Unemployment Tax (FUTA) is not 0.6%. This field displays the flat tax limit and can only be viewed. Partners dont count if your business is a legal partnership that files, Shareholders and corporate officers in S corporations, aka businesses that file. Page Last Reviewed or Updated: 08-Feb-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, Publication 15, (Circular E), Employers Tax Guide, Publication 926, Household Employers Tax Guide, Publication 51, (Circular A), Agricultural Employers Tax Guide, Topic No. So its in your best interest to make sure youre fulfilling your FUTA requirements and. The wage base limit is the maximum threshold for which the SUTA taxes can be withheld. Supports 940-PR, and 940 Schedule R. Multiple Options to Pay Balance Due. Breaking down further, if an employee starts making a gross of $7000 per year, the employer shall . For example, the wage base in Florida is $7,000, so its SUTA tax can only be withheld on an employee's first $7,000, even if the employee earns $40,000 a year. For taxpayers who claim a mileage deduction, the standard mileage rate for business use was set to 58.5 cents per mile from Jan. 1, 2022, to June 30, 2022. This article was originally written on January 3, 2020 and updated on February 2, 2023. Wage and Tax Statements (Form W-3) 1 . The due dates on the right show when you need to deposit FUTA taxes, along with any income tax withheld for employees, with the federal government. FUTA taxes are reported on IRS Form 940, which is due on January 31 each year. . No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP. Colorado. Additional Assessment: 0.00%. , with a taxable wage base of $7,000 (per employee) or taxable wages up to $7,000. $13,000 X 0.006 = $78 FUTA Liability for Q1. Its likely that your payroll software calculates and retains your FUTA liability and automatically remits it when the time is right. You pay unemployment tax on the first $9,000 that each employee earns during the calendar year. As a result, most states reduced the taxable wage base last year. Though FUTA tax is a payroll tax, it is different from the FICA taxes in the sense that only the employer contributes toward the FUTA taxes.
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