Federal unemployment tax (FUTA)

URI: https://gptkb.org/entity/Federal_unemployment_tax_(FUTA)
GPTKB entity
Statements (24)
Predicate Object
gptkbp:instanceOf gptkb:United_States_federal_law
gptkbp:abbreviation gptkb:FUTA
gptkbp:administeredBy gptkb:Internal_Revenue_Service
gptkbp:appliesTo employers
wages paid to employees
gptkbp:codifiedIn gptkb:Internal_Revenue_Code
gptkbp:codifiedSection 26 U.S.C. § 3301
gptkbp:compatibleWith self-employed individuals
gptkbp:country gptkb:United_States
gptkbp:creditReduction up to 5.4% credit for state unemployment taxes
gptkbp:effectiveTaxRate 0.6% after maximum credit
gptkbp:enactedBy gptkb:United_States_Congress
gptkbp:established 1939
gptkbp:frequency annual reporting
gptkbp:fundedBy gptkb:Federal_Unemployment_Trust_Fund
https://www.w3.org/2000/01/rdf-schema#label Federal unemployment tax (FUTA)
gptkbp:purpose fund unemployment compensation
gptkbp:relatedTo State unemployment tax
gptkbp:reportsTo gptkb:IRS_Form_940
gptkbp:taxableWageBase $7,000 per employee per year
gptkbp:taxStatus 6.0%
gptkbp:usedFor paying unemployment benefits
gptkbp:bfsParent gptkb:Schedule_H
gptkbp:bfsLayer 7