Federal Unemployment Tax Act or FUTA for short is a part of the Internal Revenue Code and is an employer tax on wages paid to employees. It is used to fund unemployment benefits. The tax is paid on the first $7,000 of wages paid to every employee. It is reported via Form 940 https://businessecon.org/resources/. The Form must be filed and all taxes paid by January 31, 2021.
Federal Unemployment Tax Act
The Federal Unemployment Tax Act is a part of Chapter 26 of the Federal Code commonly referred to as the Internal Revenue Code. This act requires employers to pay a tax that funds unemployment benefits during economic depressions/recessions. It is also commonly referred to as FUTA.