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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.
2014 Federal tax rates. Those are used to determine how much income tax you have to pay the CRA on your taxable income. 1  15% on the first $43,953 of taxable income. 2  22% on the next $43,954 of taxable income (over $43,953 up to $87,907), +.3  26% on the next $48,363 of taxable income (over $87,907 up to $136,270), +.014 Federal tax rates. Those are used to determine how much income tax you have to pay the CRA on your taxable income. 1  15% on the first $43,953 of taxable income. 2  22% on the next $43,954 of taxable income (over $43,953 up to $87,907), +. 3  26% on the next $48,363 of taxable income (over $87,907 up to $136,270), +.