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Federal Unemployment Tax Act
(redirected from FUTA)

   Also found in: Acronyms, Wikipedia 0.01 sec.
Federal Unemployment Tax Act
Commonly called FUTA. Legislation in the United States authorizing the federal government to levy an unemployment compensation tax, which pays for the unemployment insurance of the unemployed labor force. The taxes permitted under FUTA pay for the federal government's half of unemployment insurance; the other half is provided by states. However, FUTA sets up a fund from which states can borrow to pay for their half.


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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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