so once it hits the 500 dollar it resets and u start paying outa again. it could be that you pay twice or more in a year on feta taxes depending on your company and wages then correct?
6:24 A.M. Mon 01.20.2020 Re: FUTA Resets Annually Only 👤 No my friend, per video tutorial and cited IRS publications. Your annual FUTA cap per employee is 6% of first $7k in wages ( $420). However, contingent you're current on all state employer payroll tax obligations without incident , you would be eligible to pay the lower FUTA rate of .006% or $42 per employee ( saving you $378). No matter how much you pay an employee beyond $7k within a calendar year , there is no reset.
Sorry, I know this was a year ago (your comment), but you would pay the $500 as soon as you reach that amount. So if you reach it in March, you would pay it in March. If you never reach the $500 amount, you would just wait until the end of the year and pay what you owe then.
Sounds interesting. I'm gonna look it up.
Futanari equations tho 😳
Starting a new business. I have watched several of your videos on Employment Taxes. Super helpful. Thank you
Sounds interesting im going to google FUTA
Edit: DO NOT GOOGLE FUTA WORST MISTAKE OF MY LIFE
I googled it and I've had an awakening.
Great Video helps me a lot for my college Class
You are very nice teacher ☺. Thanks for sharing videos.
Thank you !!! this help me to fully understand IRS couldnt even explain like u did
great job, thank you for this information
Great video. Very helpful & thank you very much
Presentation is very great!
for second quarter of C, $5000 for future wage + wage quarter $1000 = $6000, then $7000 FUTA IU, so $7000-$6000= $1000 left , $4000 is $5000-$1000
Thank you Karin!! Really good job!
Thank you!
very helpful! thank you so much!
Thank you, Karin!
thank you, very helpful !
so once it hits the 500 dollar it resets and u start paying outa again. it could be that you pay twice or more in a year on feta taxes depending on your company and wages then correct?
6:24 A.M. Mon 01.20.2020
Re: FUTA Resets Annually Only
👤 No my friend, per video tutorial and cited IRS publications. Your annual FUTA cap per employee is 6% of first $7k in wages ( $420). However, contingent you're current on all state employer payroll tax obligations without incident , you would be eligible to pay the lower FUTA rate of .006% or $42 per employee ( saving you $378).
No matter how much you pay an employee beyond $7k within a calendar year , there is no reset.
thank you!!!
If you reach $500 Futa liability during the year when is that money due to the IRS?
Sorry, I know this was a year ago (your comment), but you would pay the $500 as soon as you reach that amount. So if you reach it in March, you would pay it in March. If you never reach the $500 amount, you would just wait until the end of the year and pay what you owe then.
nice, very clear