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National Restaurant Association - Employer FUTA tax drops slightly

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Employer FUTA tax drops slightly

It may not be a huge drop, but every penny counts. A long-time surtax on federal unemployment taxes expired June 30, the Internal Revenue Service recently reminded employers.

The FUTA rate for employers dropped to 6 percent effective July 1, 2011, down from 6.2 percent. Employers pay FUTA taxes on the first $7,000 employees earn in wages in a year. The FUTA tax is paid by employers only. Employees do not pay the tax or have it withheld from their pay.

The IRS says it will revise IRS Form 940, Employer’s Annual Federal Unemployment Tax Return, to reflect the two different rates for 2011. The agency says the revised form will be available by Jan. 31, 2012, the next due date.

The 0.2 percent surcharge has been on the books since 1976. Congress has renewed it several times over that period, but did not act to renew it beyond June 30. Visit the IRS website for more information.
 

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