Asked by Kevin Nguyen on May 26, 2024
Verified
Employers are required to deposit FUTA taxes when their liability for a quarter exceeds:
A) $500.
B) $1,000.
C) $1,500.
D) $2,500.
FUTA Taxes
Federal Unemployment Tax Act (FUTA) taxes are federal employer taxes that contribute to state workforce agencies to fund unemployment benefits.
Tax Liability
The total amount of tax owed by an individual, corporation, or other entity to a taxing authority.
Quarter
A three-month period on the financial calendar that corporations use to report their earnings and performance, commonly divided into Q1, Q2, Q3, and Q4.
- Comprehend and implement the appropriate methods for computing federal unemployment (FUTA) taxes and credits.
Verified Answer
Learning Objectives
- Comprehend and implement the appropriate methods for computing federal unemployment (FUTA) taxes and credits.
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