Most employers pay both a federal and a state unemployment tax. Consequently the effective rate works out to 6.
federal unemployment tax rate for employers 2015
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Form 940 or form 940 ez is used by employers to file annual federal unemployment tax act futa tax.
Federal unemployment tax rate for employers 2015. The wage base increases to 118500 for social security and remains unlimited for medicare. Employers pay federal unemployment tax based on employee wages or salaries. But your tax rate might be lower because there are state credits that can be applied.
The 2015 federal unemployment tax act futa wage base is 7000 per employee. Only the employer pays futa tax. Most employers receive a maximum credit of up to 54 0054 against this futa tax for allowable state unemployment tax.
The federal unemployment futa tax rate is 60 of employee wages up to 7000 in a calendar year. Social security medicare. Print 2015 payroll tax alert.
Then determine the tax rate. The tax rate is subject to state tax credits. In addition to withholding medicare tax at 145 you must withhold a 09 additional medicare tax from wages you pay to an employee in excess of 200000 in a calendar year.
The futa tax is 6 0060 on the first 7000 of income for each employee. There is no wage base limit for medicare tax. Until june 30 2011 the federal unemployment tax act imposed a tax of 62 which was composed of a permanent rate of 60 and a temporary rate of 02 which was passed by congress in 1976.
A list of state unemployment tax agencies including addresses and phone numbers is available in publication 926 household employers tax guide. Information about form 940 employers annual federal unemployment futa tax return including recent updates related forms and instructions on how to file. Here is a handy summary of the 2015 federal payroll tax changes including social security medicare unemployment tax minimum wage 401k limits and much more.
The 7000 is the federal wage base. It is not deducted from the employees wages. The 2015 federal withholding allowance is.
For more information refer to the instructions for form. The temporary rate was extended many times but it expired on june 30 2011.
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