The FUTA tax rate is 6%. According to the Internal Revenue Service (IRS), the "tax applies to the first $7,000 you paid to each employee as wages during the year. The $7,000 is often referred to as the federal or FUTA wage base. Your state wage base may be different based on th...
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FUTA, SUTA, and FICA are all taxes employers may be subject to in the US. However, they serve different purposes, which can sometimes get confused. Below we outline the definitions of each. FUTA The Federal Unemployment Tax Act, or FUTA, is a federal tax that funds unemployment benefits fo...
Therefore, as far back as 1931, the United States Supreme Court has enforced the principle that the executive branch of the federal government must be unimpaired in its ability to collect taxes owed; otherwise, the government could be undermined by citizens who attempt to delay or evade their ...
Municipal Bond: A bond issued by a state or local government in the U.S. Interest on these bonds is typically exempt from federal income taxes, and from state and local income taxes for residents of the state in which the bond was issued. But not all municipal bonds ...
The health care reform legislation that became law in 2010 - known officially as the Affordable Care Act and also as Obamacare - requires most Americans to have a basic level of health insurance coverage. This requirement is commonly referred to as the l
Interest earned on state and local bonds has been tax-exempt since the introduction of thefederal income taxin 1913. Many people felt the Constitution prevented the federal government from taxing this income. Since then, the justification for tax exclusion has been supported by the idea that local...
agency is still developing this system at the time of writing, it has promised to secure reporting company data using "rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level."...
Exemptions are based on the customer making the purchase and always require documentation. Different purchasers may be granted exemptions under a state’s statutes. There are different types of exempt organizations. The Federal Government is an exempt organization. States are prohibited from taxin...
It’s similar to the EIN, only that it’s offered by the federal government and not the state. FEIN also gives users access to the digital federal tax system where they can easily make their tax payments online or over the phone. Also Read: What Does it Mean to Have a Tax ID Number...