Federal Unemployment Tax Act (FUTA) taxes

GPTKB entity

Predicate	Object
gptkbp:instanceOf	payroll tax federal tax
gptkbp:administeredBy	gptkb:Internal_Revenue_Service
gptkbp:appliesTo	employers wages paid to employees
gptkbp:codifiedIn	gptkb:26_U.S._Code_Chapter_23
gptkbp:creditForStateUnemploymentTax	up to 5.4%
gptkbp:creditReductionStates	may increase effective tax rate
gptkbp:date	January 31 (for annual return)
gptkbp:dateEnacted	1939
gptkbp:enactedBy	gptkb:United_States_Congress
gptkbp:excludes	gptkb:Indian_tribal_governments certain nonprofit organizations government employers
https://www.w3.org/2000/01/rdf-schema#label	Federal Unemployment Tax Act (FUTA) taxes
gptkbp:imposedBy	gptkb:United_States_federal_government
gptkbp:maximumTaxableWageBase	$7,000 per employee per year
gptkbp:netFederalTaxRate	0.6% (after maximum credit)
gptkbp:notWithheldFrom	employee wages
gptkbp:pays	employers only
gptkbp:purpose	fund unemployment compensation
gptkbp:quarterlyDepositRequirement	if tax due exceeds $500 in a quarter
gptkbp:relatedTo	gptkb:State_Unemployment_Tax_Act_(SUTA) gptkb:Federal_Insurance_Contributions_Act_(FICA)
gptkbp:reportsTo	gptkb:IRS_Form_940
gptkbp:standardTaxRate	6.0%
gptkbp:usedFor	funding state workforce agencies funding federal unemployment programs
gptkbp:bfsParent	gptkb:Federal_Unemployment_Trust_Fund
gptkbp:bfsLayer	6