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

Post a Comment

Popular posts from this blog

Changes to Quickbooks Online: April 2019

Image
Coming April, subscibers of Quickbooks Online will be experiencing some changes.  Here's what to expect: According to an email sent out by Quickbooks last week: " Beginning  April 10  and over the coming year, usage limits will go into effect for all QuickBooks Online Simple Start, Essentials, Plus, and Advanced customer". Quickbooks want to make sure they are giving their customers the ultimate experience for their buck. Therefore, they are implementing a variety of plans with usage limits to best fit your business. With this, Intuit has developed a Quickbooks Online Advanced edition for the most avid Quickbooks users who need the most capacity and functionality.  This being said, Quickbooks wants to make sure you are informed about adding additional users before the deadline, " You can stay in your current plan and keep all your data. But you won't be able to manually add an account, user, class or location if it will put you over the lim...
Read more

How to "Un" Apply Credits In QuickBooks

Image
Got a QuickBooks Mess? Call The QuickBooks Gal! Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal Recently, one of our Reno QuickBooks customers asked about "unapplying" credits in QuickBooks. While there are nicely labeled apply credits buttons, there are none marked unapply. This is the case for both customers (invoicing) and vendors (paying bills). So here is how it is done: For customers, it is a fairly easy process. Go to the invoice to which the credit was applied. Then click on the "Apply Credits" button. In the lower half of the new window that pops up is a list of Previously Applied Credits. Simply find the one, or ones you wish to unapply and click on the check mark next to it to make the check mark disappear. The credit will no longer be applied or tied to that invoice. For Vendors, i.e. bill payments, it is not as clean and simple. The only way to unapply a credit in such a case is to Delete the credit. You can then ...
Read more

QuickBooks Password Protection

QuickBooks now requires your employees to enter a password to view their pay stubs when you e-mail them. QuickBooks generates the passwords automatically; each password consists of the first four letters of the employee's last name followed by the last four digits of their Social Security number. Examples Name:                            SSN:                         Pay Stub Password: Ben Narramore              855-56-4545             narr4545 Deb D'Spain                  782-34-3419     ...
Read more