College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
The federal unemployment tax (FUTA) is paid by the _____.
- a. Employee
- b. State government
- c. Local government
- d. Employer
- e. Employee and employer equally
Identify the person responsible for paying the federal unemployment tax (FUTA).
Federal unemployment tax act (FUTA):
This is the act that enables the federal government to provide compensation to the unemployed people from the taxes collected from the employers, as a percentage of 6.0% on the first $7,000 of employees’ earnings. Federal government refunds the employers with 5.4% on FUTA, if the employers have paid SUTA. So, FUTA would be reduced to 0.6% for those employers.
Justification for the incorrect answer:
Option a, b, c, and e:
This is the act that enables the federal government to provide compensation to the unemployed people from the taxes collected from the employers, and not by the employee, state government, local government, employee and employer equally...
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