Sentences with phrase «federal unemployment tax»

You alone are responsible for paying federal unemployment tax; the employee makes no contribution.

Employers also pay state and federal unemployment taxes on your behalf.

And you must pay federal unemployment tax, which is 0.8 percent of first $ 7,000 of the employee's wages, or $ 56.

You won't need to pay federal unemployment taxes if you hire your spouse or parents, and you may not have to withhold income taxes and Social Security if your children work for you.

Internal Revenue Service Form 940 is the Employer's Annual Federal Unemployment Tax, or FUTA, return.

Your kids won't have to pay any Social Security / Medicare (FICA) taxes on their wages if they're younger than 18, and they won't be subject to federal unemployment taxes if they're younger than 21.

If your employer pays more than $ 1,000 in any quarter of the current year (or the previous year) to his or her household employees collectively, he or she is responsible for paying Federal Unemployment Tax on the first $ 7,000 in wages for each household employee.

In order to pay federal employment taxes, you need to: withhold income, Social Security, and Medicare taxes from each employee's wages; pay the matching amount of Social Security and Medicare taxes; and pay federal unemployment tax for each employee.

State and federal unemployment taxes, but only if (1) they pay wages to employees totaling $ 1,500 or more in any quarter of a calendar year, or (2) they employed at least one person during any day of the week during any 20 weeks in a calendar year, regardless of whether or not the weeks were consecutive.

Although elective deferrals are not treated as current income for federal income tax purposes, they are included as wages subject to Social Security (FICA), Medicare, and federal unemployment taxes (FUTA).

Familiarize yourself with your responsibilities as an employer and your projected tax liability for payroll taxes, federal unemployment tax (FUTA) and state unemployment tax (SUTA).

This means postdocs supported on fellowships are not subject to withholding under the Federal Insurance Compensation Act (FICA) and the Federal Unemployment Tax Act (FUTA).

Federal Unemployment Tax Deposits You must make federal unemployment tax deposits either quarterly or annually, depending on the amount you owe.

The list includes due dates for payroll taxes (FICA and federal income tax) and federal unemployment taxes (FUTA).

When calculating the cost of an employee, keep in mind that you need to pay your assistant's salary and FICA — the employer's Social Security contribution, Medicare contribution, and federal unemployment tax.