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.
Thank you !!! this help me to fully understand IRS couldnt even explain like u did
Great Video helps me a lot for my college Class
great job, thank you for this information
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
You are very nice teacher ☺. Thanks for sharing videos.
Great video. Very helpful & thank you very much
Presentation is very great!
Thank you Karin!! Really good job!
very helpful! thank you so much!
Thank you!
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, very helpful !
Thank you, Karin!
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