Hello students, before you listen to this video, I ask you to please download the excel file titled "Buddha in Sudha" and open it on your computer. If you're Jenna, you're set to go. Just click on the excel file and look at the spreadsheet. You don't need to see me, just let me go through the spreadsheet with you. If you have not done that, please do so and then restart the video. The purpose of this video is to explain the employer tax for FUTA and Sudha. Please note, I said employer tax. The employer pays this tax. If you dig out an old pay stub and look at your payroll deductions, you will never see a deduction for FUTA and Sudha. First of all, what is FUTA? In this economy, I suspect many of you listening to this have been unemployed. And what do you do when you're unemployed? You go down and apply for unemployment insurance and wait patiently for your first check. Buddha and Sudha taxes pay for this check. The federal part, FUTA (Federal Unemployment Tax Act), pays for the administration. Sudha (State Unemployment Tax Act) pays for the actual benefits. The federal rate is 0.8 percent on the first $7,000 earned by the employee. The state rate is variable, it varies from state to state. But in this example, we will assume it is 5.4 percent on the first $7,000. The purpose of this video is to go through how to do the actual calculations. Let's start off by looking at Ms. A. I think you'll agree she's probably doing fine. She has already earned $35,000 before this pay period. Therefore, she is over the $7,000 max. This is the easy case scenario. If you look in the columns for earnings subject to FUTA and Sudha...
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Futa credit reduction states 2024 Form: What You Should Know
FTA Credit Reduction Schedule for 2024 | USCIS The schedule above also shows the credit reduction for 2024 in each state. For states, the schedule is also shown, however, in theĀ FTA Credit Reduction for 2024 | USCIS Here is one more reference for Federal Unemployment Tax Act (FTA) credit reduction for 2017. Please note that the schedule for Federal Unemployment Tax Act (FTA) credit reduction for both 2024 and 2024 does not have any change. To see the 2024 schedule, you must take a look at theĀ FTA Credit Reduction Schedule for 2024 | USCIS For 2017, for California, I get 0.5% credit reduction for CA.Ā FICA Tax and Other Additional Taxes Employees are taxed under both the Federal Insurance Contributions Act (FICA) and the Social Security taxes. FICA ā Federal Insurance Contributions Act (FICA) Tax Act and Self-Employment Contributions Act (SEPA) The law requires workers to pay Federal Insurance Contributions Act (FICA) tax of 9.5% (1.45% in 2018). Workers are not taxed under Federal Securities Law (Section 12(a), 15(c)) but only if they have no other income from other sources. SEPA taxes workers on earnings at their base rate. This income is referred to as āordinary incomeā and paid, respectively, as Social Security Income, Social Security Disability Income, and Medicare and other retirement income.Ā Social Security and Medicare Taxes ā Social Security Income tax on employees is paid on the first pay period, on all wages, and before any other income is paid to you. Employees may also pay employer taxes. For self-employed workers, the Social Security tax is 2.9% of net self-employment income, but is reduced to 2.0% of net wages in 2024 unless there is a valid exemption for the employee. Social Security deductions from self-employment income for Social Security and Medicare are allowed. The Medicare tax is 9.0% of net wages. Workers are not taxed under Section 12(a) of the Internal Revenue Code but only if there is a valid self-employment exemption. Medicare is also paid before any other income is paid to you. Payroll Tax on Employees If your employer requires employees to report income to you under the Social Security payroll tax system, your wages are reported first. Workers are then paid according to the payment dates they are given.
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