FUTA Tax Rate Change Effective July 1, 2011
July 5, 2011
1 MIN READ
by Matthew Bergman, CPA
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
Dear Clients & Friends, Summer has officially begun, and with it comes a busy and exciting season here at CJBS. As we kick off June, we want to remind you about important upcoming deadlines. Q2 estimated tax payments are due June 16, 2025. If you have already received your completed tax return, please refer to […]
In 2024, CJBS acquired the tax and accounting firm Northshore Professional Group (NSPG)–and is pleased to announce that three of the firm’s members have recently joined the CJBS team to provide support to our valued clients and partners. Here, we’ll introduce you to Rich Kane, who now serves as a Principal with CJBS. In this […]
Client: Viti CompaniesIndustry: Insurance – Business, Personal, and Employee BenefitsFounded: 1938CJBS Client Since: Summer 2024 A Family Legacy in Insurance For nearly a century, Viti Companies, a family-owned and now fourth-generation-run insurance brokerage, has served individuals and businesses with comprehensive insurance services—from business insurance and start-up support to home, auto, life, and long-term disability. Licensed […]
Dear Clients & Friends, As we close out another busy tax season, we want to extend our deepest gratitude for your trust and understanding. This year brought continued advancements in technology and updates to our processes, and we sincerely appreciate your adaptability and support as we worked together to navigate changes. Your patience and partnership […]
Dear Clients & Friends, Thank you to everyone who promptly submitted their information for the March 17th corporate tax deadline—we appreciate your help in getting all S-Corporation and Partnership returns either filed or extended on time. With that milestone behind us, our focus now turns to the Individual Tax Deadline on April 15th. Please remember: […]
In 2024, CJBS acquired the tax and accounting firm Northshore Professional Group (NSPG)–and is pleased to announce that three of the firm’s members have recently joined the CJBS team to provide support to our valued clients and partners. Here, we’ll introduce you to Stephanie Vadasz, who now serves as a manager at CJBS. In this […]