How do I add FUTA taxes to the pay stub?
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Last modified 9/29/2020 4:59:36 AM EST |
Added by 123PayStubs Team
The Federal Unemployment Tax Act (FUTA) taxes, only paid by employers, provide unemployment compensation to workers who have lost their jobs. The FUTA tax rate may vary each year, and the IRS has set 6% as the tax rate for 2020. The FUTA tax applies to the first $7,000 of wages paid to each employee throughout the year. With 123PayStubs, you can opt to add FUTA taxes to the employee pay stubs along with other taxes.
Here's how to add FUTA taxes to a pay stub:
- Sign in to your 123Paystubs account.
- Enter the basic information such as company, employee, and earning info and click the Calculate button.
- Under Taxes, check the Add Employer Tax box and add FUTA taxes for the current pay period and last YTD.
- Preview the pay stub, make payment, and complete the order.
- Download the pay stub created or email the same to the employee's email address.
To learn about SUTA taxes and how to add it to the pay stubs, click here.