Obama Administration to Increase FUTA Taxes
The Obama Administration is proposing that the wage base for the Federal Unemployment Tax Act (Also known as FUTA) to be increased. The FUTA tax act is proposing that employers pay is to be increased from $7,000 to $15,000. If this is passed, the increase will become effective in 2014.
Under this proposal, an employer's maximum FUTA contribution per employee would increase from $434 to $930. As of right now, employer's pay 6.2% in taxes on the first $7,000 in earnings paid to each employee. However, these taxes are not deducted from the employees pay, but they are paid directly from the employer.
The increase in FUTA is to hopefully help solve the problem for the state unemployment funds decreasing. States across the U.S. have taken out nearly $40 billion in loans from the federal government in order to pay peoples unemployment benefits.
Published by Amy Starr
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