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Nolan Accounting Center
4262 South 108th Street
Greenfield, WI 53228
Phone: 414-425-5690
Fax: 414-425-2373
Website: www.nolanaccounting.com
Whether you’re hiring your first employee or already have a few, understanding payroll taxes is a must.
Federal unemployment tax (FUTA) is paid by the employer and provides benefits to workers who become unemployed through no fault of their own. In 2021, the tax rate is 6% on the first $7,000 of each employee’s salary. Credits for paying state unemployment tax on time are available and can reduce this rate significantly.
Quarterly payroll tax returns are needed for FICA, FIT, and the Additional Medicare tax. FUTA returns will be filed quarterly or annually, depending on your payment frequency.
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