FUTA Tax Rate Change Effective July 1, 2011
The effective tax rate for the Federal Employment Taxes (“FUTA”) was reduced from .8% (.008) to .6% (.006) on July 1, 2011. Congress has announced that the FUTA .2% surcharge, first enacted in 1977, will not be extended after June 30, 2011. Employers have been required to pay a flat rate of .8% on the first $7,000.00 of each employee’s annual wages for FUTA.
The IRS is currently revising Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return) to accommodate the two different FUTA rates for calendar year 2011.
More News & Insights
As tax season progresses, we wanted to share a NEW Info-Series with you highlighting some of the scams and frauds that are running rampant in today’s day and age. We hope this series, written by Larry G. Goldsmith, will help raise your awareness to these scammers’ newest tactics and provide you with tips to avoid […]
Data security is important from the very beginnings of your cannabis business. That’s because: – Cyberattacks are rampant in the industry – Operators must stack multiple third-party integrations, making them vulnerable – They have to be compliant with regulations to protect customer information (such as HIPAA) and – Cannabis businesses are criticized more often for […]
Dear Clients & Friends, The deadline to send us your individual tax-related documents is fast approaching. As a reminder, we require that individuals send us all their documents by March 18th to be able to timely file your tax return by the due date of April 15th. Otherwise, you are looking at filing for an […]
This past November, the Internal Revenue Service (IRS) released its tax inflation adjustments for the tax year 2024, which amends more than 60 tax provisions. These adjustments will affect taxes filed in 2025. According to CNBC, one of the most notable changes is that the income threshold within the tax brackets will be adjusted by […]
As tax season progresses, we wanted to share a NEW Info-Series with you highlighting some of the scams and frauds that are running rampant in today’s day and age. We hope this series, written by Larry G. Goldsmith, will help raise your awareness to these scammers’ newest tactics and provide you with tips to avoid […]
Dear Clients & Friends, This year’s tax season is underway, and we are busy working on your tax returns for 2023. To that end, we have some useful information to share in this month’s newsletter. Firstly, if you haven’t already, it’s time to organize and send us your tax documents. As a reminder, we require […]