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FUTA

   Also found in: Financial, Wikipedia 0.01 sec.
AcronymDefinition
FUTAFederal Unemployment Tax Act (US)
FUTAFederal University of Technology Akure (Akure, Nigeria)
FUTASouthwest Fire Use Training Academy (Albuquerque, NM; est. 1998)


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FUTA rates are the same for all state, while SUTA rates will differ from state to state.
discuss everything payroll professionals need to know about employers and their obligations; processing new employees; employee classifications, wages, hours, and recordkeeping under the Fair Labor Standards Act; tax treatment of benefits and payments; wages and payroll withholding; FICA and FUTA taxation; state unemployment insurance; garnishments and deductions from pay; tax deposits and returns; statements and information returns; penalties; and management and administration issues.
The Treasury Department and IRS have published two revenue rulings clarifying that payments by employers to employees made in connection with employment contracts are to be treated as wages for purposes of FICA, FUTA and federal income tax withholding.
 
 
 
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