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Computing the tax. The FUTA tax is imposed at a single flat rate on the first $7,000 of wages that you pay each employee. Once an employee's wages for the calendar year exceed $7,000, you have no further FUTA liability for that employee for the year. The FUTA tax rate is 6 percent. That is the tax rate that applies to the first $7,000 in wages paid to each of your employees during the year. Credit for state unemployment taxes. You can generally claim credits against your gross FUTA tax to reflect the state unemployment taxes you pay.
Input tax is the VAT that is paid by the business operator for goods and services he receives in the course of his economic activity. Output tax is the VAT that is charged by the business operator when he himself supplies goods or services to his customers.What is taxable and what is exempt? In Malta, goods and services are generally taxable at a standard VAT rate of 18%. However, certain goods and services have a reduced rate of 7% or 5% or 0%.n the case of a local transaction where the taxable person liable for VAT is not liable to pay VAT and the amount of the invoice inclusive of the tax is not higher than â¬100, or where the registered person making the supply is an exempt person, a simplified invoice may be used.