Business Administration

Tag: FUTA Credit Reduction

FUTA – An Explanation to the Federal Unemployment Tax Act

Dec 29, 2012

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by

David J Hoare MSA

in Employment Taxation

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…
Year-End Preparation

Dec 3, 2012

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by

David J Hoare MSA

in Employment Taxation

I dread January of every year. I have to spend so much time preparing the year-end payroll reports prior to the January 31 deadline. Not only must your quarterly’s and monthly’s tie together, but it has to match the general ledger at year-end.