The Federal Unemployment Tax Act (FUTA) is a federal law that requires most employers to pay a payroll tax that funds unemployment benefits. The 2024 FUTA tax rate is 6% of the first $7,000 paid to each employee, with the possibility of receiving a credit based on state unemployment insura...
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These formulas can be very complicated, so your best bet is to meet with your state’s unemployment office to review how your food truck’s unemployment rate will be set or work with an accountant. In addition to getting a better idea of what may impact your FUTA tax rate, you can also...