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FUTAFederal Unemployment Tax Act (US)
FUTAFederal University of Technology Akure (Akure, Nigeria)
FUTASouthwest Fire Use Training Academy (Albuquerque, NM; est. 1998)
References in periodicals archive ?
The Code and regulations provide a three-part test for the employer's Social Security tax and FUTA tax.
In organizing the database, FUTA was used as the "base provision" against which the social welfare provisions (i.
11) "A disregarded entity owned solely by a section 501(c)(3) organization will not be subject to FUTA tax on wages it pays its employees.
They then sued for a refund, claiming the wages should be treated as paid in 1986 and 1987 when no additional FICA or FUTA would have been due (since the players already had earned the maximum taxable amounts in those years).
The first the public heard of this distinction was in Private Letter Ruling 9243026 (June 24, 1992), in which the IRS concluded that FICA and FUTA taxes applied at the time of the ESPP option exercise to the difference between the fair market value of the stock and the exercise price and, further, that federal income tax withholding applied to the income on disqualifying disposition.
The obligation to pay the payroll taxes on vacation and bonus pay was not certain as of the last day of the taxpayer's tax year in which the employees earned the compensation, the court in Eastman Kodak reasoned, because of the yearly FICA and FUTA wage ceilings.
2004-109 (21) and 2004-110 (22) clarified that payments by employers to employees made in connection with employment contracts are "wages" for purposes of FICA, FUTA and Federal income tax withholding.
Are payroll and FUTA taxes required to be covered in the written tax advice?
A household employer has FUTA obligations only if he or she paid more than $1,000 in cash wages in any calendar quarter of the current or prior tax year.
5) In addition, A business is fully responsible for federal unemployment (FUTA) taxes with respect to employees, but no FUTA tax is owed with respect to independent contractors; independent contractors are generally are not entitled to unemployment benefits.
Under the ruling, when interests in NQSOs and nonqualified deferred compensation are transferred from an employee spouse to his or her former spouse (nonemployee spouse) in a divorce, the transfer does not result in a payment of wages for FICA or FUTA purposes.
The CPA may not be subject to the preparer penalties found in section 6694, since FICA, FUTA and withholding taxes are imposed under a different part of the Internal Revenue Code.