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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.
3301, 3306(b). FUTA taxes and the employerâs share of FICAtaxes are excise taxes. Secs. 3111(a), 3301.agree that the Bascoses received $19,976 in constructivedividends if RVP is not entitled to a deduction for payroll taxesin 2002. FINDINGS OF FACTThe Basocses incorporated RVP in the late 1990s.