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| *The Commerce Journal>>>Other Taxes |
Does any one know how to calculate the Futa Tax ? |
For example if an employee has cumulative earnings of $6400, and he earned that month 800, how the employer would calculate futa tax ? Provided the employer has paid its state unemployment tax, FUTA is 0.8% of the first $7,000 in wages paid to an employee per year. If you have one employee who earns $14,000, you pay tax on $7,000. If you have two employees who earn $7,000 each, you pay tax on $14,000. |
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