SO YOU WANT TO KNOW MORE ABOUT SUTA AND FUTA?
HERE'S A QUICK LESSON
You’ve started a business and now you all you hear about are taxes, on top of taxes, and fees on top of fees. What do these taxes even mean?
The Federal Unemployment Tax Act is a payroll tax that must be paid by employers on your employees wages. FUTA is a flat tax of 6% on the first $7,000 each employee earns.
PRO TIP: Having low turnover will help you to save money in FUTA taxes. Every time you have to replace someone FUTA restarts for that employee.
State Unemployment Tax Act is a little different. It’s not a flat rate and it varies by state. SUTA in Florida is 2.7% and is applied to the first $7,000 in wages.
STILL NEED HELP
Maybe you, like most business owners aren’t willing to take risk to keep track of all these taxes, especially if you have employees coming and going. It can get complicated. Atlantic Payroll Partners can help. We’re a Professional Employment Organization that does more than just handle your Payroll. We handle all aspects of your Human Resource management. We assume the liability of HR functions including unemployment claims, we handle employee on and off boarding, we even offer premium health benefits, and workers compensation.
Impress your friends with HR and Payroll facts!
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