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Federal Unemployment Tax (FUTA) [temporary] expires 6/30/11

Wednesday, 29 June 2011 22:12

The temporary 0.2% Federal Unemployment Tax (FUTA) surtax will expire on June 30, 2011. The surtax is part of the 6.2% gross unemployment tax rate charge to employers on the first $7,000 of wages paid annually to each employee.

Effective July 1^st the following changes will take place:

· The FUTA tax rate will decrease to 6.0% from 6.2%.

· The FUTA tax rate after the maximum credit will decrease to .6% from .8%.

· The $7000 base wage will remain the same for 2011.

If you have QuickBooks, remember them to complete the Payroll updates so that these rates will be downloaded to their QuickBooks file. If you have any questions, please contact Dawna Chase, Certified QuickBooks ProAdvisor at (509) 663-1661.

"We could not be happier with the way Terry Reynolds & Cordell, Neher & Company administers our 401k plan. Terry is very knowledgeable in her area of expertise and always provides us prompt answers to any questions we may have. It would be a real challenge, if not impossible to find another plan administrator that would exceed her efficiency and professionalism."

Trisha Walker
Carlson McMahon & Sealby PLLC