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Federal Unemployment Tax Act (FUTA)

Tue, 03/19/2013 - 10:08 -- tgcadmin

A Federal tax paid by employers that provide for the administrative costs of a states unemployment compensation program for workers who have lost their jobs through no fault of their own. Only the employer pays FUTA tax, it is not deducted from the employees wages. This annual tax is reported on Form 940.

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