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FUTA meaning in Accounts and Finance ?

Answer» What is Federal Unemployment Tax Act mean?

The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service. In some cases, the employer is required to pay the tax in installments during the tax year.

FUTA covers a federal share of the costs of administering the unemployment insurance (UI) and job service programs in every state. In addition, FUTA pays one-half of the cost of extended unemployment benefits (during periods of high unemployment) and provides for a fund from which states may borrow, if necessary, to pay benefits.

reference
Full Form Category
Federal University of Technology, Akure Academic & Science
Federal Unemployment Tax Act Accounts and Finance
Federal Unemployment Tax and Business
Future Uplifting Tax Appraisal Business
Federal Underwriting Taxation Agency Business
Federal Unemployment Tax Also Business


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