Please enable JavaScript.
Coggle requires JavaScript to display documents.
Universal Resturant :<3: - Coggle Diagram
Universal Resturant :<3:
Unemployment taxes
Employers are fully responsible for both federal and state unemployment taxes.
FUTA (Federal Unemployment Tax Act)
Payments for FUTA through federal payroll tax contributions.
All businesses must pay FUTA taxes.
Employees do not contribute to unemployment tax payments.
SUTA (State Unemployment Tax Act)
Taxes paid directly to the state by the employer.
Through state payroll tax contributions.
Tax rates in each state range from a low of 1% to 3.4%.
FUTA rate is 0.6%.
Form 941
To report taxes on employee's paychecks
Social security tax.
Medicare tax.
Report income taxes.
FICA
a U.S. federal payroll tax
As you work and pay FICA taxes, you earn credits for Social Security benefits.
FICA helps fund both Social Security and Medicare programs.
6.2% gross wages goes to Social Security tax.
1.45% of gross wages goes to Medicare tax.
Tax calendar
Federal Due Dates.
Filing your tax forms and paying your taxes.
Different due dates apply to individuals and corporations.
Tax calendars for specific IRS due dates.
Payroll filing requirements
Social Security and Medicare Tax.
Federal Unemployment Tax Act (FUTA).
Report taxes by filing Forms 940, 941 and 944 .
Filing Form W-2.
Turn everything in before due dates.