If a taxpayer works for two separate employers, how much in futa taxes is each employer responsible to remit in the name of the

Question

torisob [31]

2 years ago

11

If a taxpayer works for two separate employers, how much in futa taxes is each employer responsible to remit in the name of the

taxpayer?

Business

1 answer:

natulia [17] · Answer 1 · 2023-11-10T03:03:07+03:00

The futa taxes liable to be paid is 6.0% by both employers.

This amount is usually referred to as the federal or FUTA wage base. This may differ from state to state according to the state's rules. Thefuta taxes need to be filed by filling in Form 940.

The employee may have to deposit the futa tax before the employee files the return. The tax liability should be an amount of more than $500 for the calendar year. If this amount is lesser than $500 it should be carried forward to the next quarter. The employee needs to do this till the aggregate amount is equal to $500 after which it requires to be deposited.

If the date that we need to deposit the tax is not a business day then it should be deposited by the end of the next business day. If this process is followed it will be considered a timely payment.