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River Rock Spa and Resort - Coggle Diagram
River Rock Spa and Resort
Unemployment Taxes
Compensation to employees for a lost job
Employers pay Federal and State Tax for Unemployment
FUTA Federal Unemployment Tax Act
Tax Rate is 6%
Form 940 determines the credit if first $7000 is paid in full
paid quarterly (Taxable Wages x 0.6%)
Form 941
Must file quarterly if paid wages to Federal Income Tax Withholding (SSI, Medicare Taxes, Sick pay and Unemployment)
May Form 944 if IRS gives notification or you contact IRS (Less that $1000)
Penalty of 5% for failure to file in the quarterly
One Form 941 quarterly or One Form 944 yearly
Must file a Final Return for the last quarter if Going out of Business
Furnish W-2's to employees
File W-2's and W-3's with SSA by due date
Tax Calendar
Calendar of Due Dates for certain forms
FICA Taxes
Federal Insurance Contributions Act
Used to fund the Social Security and Medicare Programs
Social Security Tax Rate is 6.2% with an earnings limit up to $137,000
Medicare Tax Rate is 1.45% and has no earnings limit
Self- Employed Pays 15.3% of earnings (both employer and employee portions)
There are exemptions to paying the FICA tax