FUTA Need to Know



The Standard FUTA credit of 5.4% is reduced if your state has not repaid loans fromt he federal unemployment fund. 
    • Michigan Employers lost 0.9% of the credit.
    • Indiana Employers lost 0.6%
    • These States lost 0.3%: AR, CA, ST, FL, GA, IL, KY, MN, MO, NC, NJ, NV, NY, OH, PA, RI, VA, VI, and WI.
Payroll Rates and Bases                                                   2012
FUTA-taxtable wage base                                                  $7,000
FUTA rate 1.1.11-6.30.11, 6.2% as of 7.1.11                     6.0%
FUTA Max. Credit                                                              5.4%
Min. FUTA dep. rate 1.1.11-6.1.11, 0.8% as of 7.1.11       0.6%


----Less if your state has 2011 FUTA credit reduction. (See Form 940)



Got a QuickBooks Mess?   The QuickBooksGal! 
775.348.9225


This information is reprinted from The General Ledger. Vol. 28, No. 12. December, 2011.

Comments

Popular posts from this blog

How to "Un" Apply Credits In QuickBooks

Employee Salary/Wage Rate Report

Qbb, Qbm, Qbx, or Qbw - What's the Difference?