Futa date site

by  |  11-May-2017 06:16

The temporary rate was extended many times, but it expired on June 30, 2011.Consequently, for years through 2010 and the first six months of 2011, the FUTA imposed a 6.2% tax (before credits) on the first ,000 of gross earnings of each worker per year.

In addition, FUTA pays one-half of the cost of extended unemployment benefits (during periods of high unemployment) and provides for a fund from which states may borrow, if necessary, to pay benefits.

Through June 30, 2011, the Federal Unemployment Tax Act imposed a tax of 6.2%, which was composed of a permanent rate of 6.0% and a temporary rate of 0.2%, which was passed by Congress in 1976.

In general, you must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes.

There are two deposit schedules, monthly and semi-weekly.

Effective July 1, 2011, the rate decreased to 6.0%.

Community Discussion