Under the provisions of the American Federal Unemployment Tax Act (FUTA), a Federal tax is levied on employers covered by the Unemployment Insurance program at a current rate of 6.0% on wages up to $7,000 a year paid to a worker. The law, however, provides a credit against federal tax liability of up to 5.4% to employers who pay state taxes timely under an approved state UI program. Accordingly, in states meeting the specified requirements, employers pay an effective Federal tax of 0.6%, or a maximum of $42 per covered worker, per year. The credit against the Federal tax may…
Posts published in “States”
While the Federal minimum wage remains at $7.25 per hour for the past 15 years, 28 states and many cities, counties and locals have set increases effective January 1st, 2024 with a few announcing a change during 2024. Many states continue their path to $15.00 per hour with a number of states exceeding that rate and places in Washington state that have a minimum wage approaching $20 per hour. A list of each state/local, along with the new hourly rate is listed below. Any state that does not have a minimum wage change scheduled is not listed. All rates are…
Everything you need to know about Guam's state income withholding tax, reciprocity agreements and other helpful information and links.
Everything you need to know about Puerto Rico's state income withholding tax, reciprocity agreements and other helpful information and links.
Everything you need to know about U.S. Virgin Islands state income withholding tax, reciprocity agreements and other helpful information and links.
Everything you need to know about Idaho's state income withholding tax, reciprocity agreements and other helpful information and links.
Everything you need to know about New Mexico's state income withholding tax, reciprocity agreements and other helpful information and links.
Everything you need to know about Hawaii's state income withhold tax, reciprocity agreements and other helpful information and links.
Everything you need to know about North Dakota state income withholding tax, reciprocity agreements and other important information and links.
Everything you need to know about Wyoming's state income withholding tax, reciprocity agreements and other helpful information and links.