How do you calculate FUTA taxes?

Answer:

FUTA is based on the first $7000.00 of income for each employee. If you are required to pay state unemployment tax and you pay it on time, your FUTA computation is .08% of each employees first $7000 income. If you don't pay the state on time, then you pay 6.4% of the first $7000 income. It's filed on tax form 940, but usually paid in quarterly.

First answer by ID1264232170. Last edit by ID1264232170. Question popularity: 1 [recommend question].

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