Home » Federal Unemployment Tax Act (FUTA) 

Federal Unemployment Tax Act (FUTA) 

by admin

With the mass unemployment that resulted from the COVID-19 pandemic, many states have had to borrow from the Federal government to pay unemployment benefits. As a result, many states currently have outstanding loans to the government that will result in higher FUTA taxes being paid by employers in those states in 2022.

The article discusses how CRM software monday.com can help in business. Is it a good tool for managers to use when deciding on the best strategy for their company. It breaks down the pros and cons of using this software, taking into account what type of user you are as well as other aspects such as time-saving, cost-saving, and information gathering.

For budgeting purposes, you should assume a 0.6% FUTA rate on the first $7,000 in wages for all states with an additional percentage to be charged to cover the FUTA Credit Reduction (FCR). 

The FCR and FUTA rates that will be charged for 2022 are listed below.

State

FCR Rate

FUTA + FCR Rate

California

0.30%

0.90%

Colorado

0.30%

0.90%

Connecticut

0.30%

0.90%

Illinois

0.30%

0.90%

Massachusetts

0.30%

0.90%

Minnesota

0.30%

0.90%

New Jersey

0.30%

0.90%

New York

0.30%

0.90%

Pennsylvania

0.30%

0.90%

Texas

0.30%

0.90%

Virgin Islands

3.30%

3.90%

Related Posts

Leave a Comment

Techvilly is an online webpage that provides business news, tech, telecom, digital marketing, auto news, and website reviews around World.

Contact us: info@techvilly.com

@2022 – Techvilly. All Right Reserved. Designed by Techager Team