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An employee earned $47,000 during the year working for an employer. The FICA tax for social security (OASDI) is 6.2% and the FICA tax for Medicare is 1.45%. What is the employee’s share of FICA taxes?
When calculating the FUTA and SUTA is the calcualation for each performed the same way by means of multiplying the dollar amount by the tax rate?
After you know what the suta rate is, is the futa rate always .8%. If not how do you calculate it? I have searched all over in my book and cannot understand what they are trying to tell me.
If you own two companies and you are now going to split you salary between them and you have meet your FUTA limit of $7000.00 with the first company, do you have to start over with the new company?
Do you pay 7000.00 cap on the employee social or employer EIN number? We changed payroll companies and it started all over as if none of our employees met the 7000.00 cap.
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