Rank: Guest
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Joined: 9/27/2013(UTC)
Posts: 1,367
Location: US
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ezAccounting- FUTA percentage was set to default to 6%. In mid-February, we determined that our company should be using .6%. So, under the Tax Setup option, the FUTA value was changed in software to .6. When the next payroll was run, the FUTA values calcuated for each employee was $0.
Why?
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Rank: Administration
Groups: Administrators
Joined: 9/27/2013(UTC) Posts: 609  Location: http://www.halfpricesoft.com/ Was thanked: 2 time(s) in 2 post(s)
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Thank you for using ezAccounting.
The FUTA wage limit is $7000. If the rate is 0.6%, the maximum FUTA for one year is $42. Can you add a new check and check the YTD FUTA quickly? Has FUTA amount has already reached $42?
IRS may change tax rate in mid year. So the change of tax rate can only apply to the future checks, not the old checks.
Please feel free to contact us if you still have any questions.
Thank you.
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