Question

What is a futa? I found an article mentioning it but i dont know what it is

Answer 1

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Answer 2

• The Federal Unemployment Tax Act (FUTA) provided a system to help states pay unemployment compensation to laid-off workers.
• If you pay $1,500 or more in wages to employees, you must pay this tax once a year.
• This cost is in addition to any state-mandated unemployment insurance.
• FUTA is a federal tax that employers must pay to the government.
• Employees are not compelled to pay or have the FUTA tax withheld from their paycheck.
• The tax only applies to the first $7,000 of an employee's pay (other than wages that are exempt from FUTA).
• This pay cap has been in effect since 1983, however Congress may change it in the future.