Federal Unemployment Tax Act
Federal Unemployment Tax Act means:
an act that provides for federal unemployment insurance and is paid by employers. The maximum tax rate is 6.2% on the first $7,000 of wages for 1992 and 1993 but can be reduced to a minimum of 0.8% by credits for state unemployment taxes. FUTA is deductible as a business expense by employers, not as a tax. Former IRC (check if this IRC provision is current here) §3301.
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