This week’s question comes from Victoria, a corporate controller. Victoria asks: I read that California is going to be a credit reduction state for 2011, but heard that they be more credit reduction states. What are the credit reduction states for 2011? Answer: The...
Most employers nationwide will receive an employment tax reduction July 1, 2011 when the temporary FUTA surtax expires. The temporary surtax was enacted in 1976. The standard FUTA tax rate will decrease from 6.2% to 6.0%. Standard Credit Rate is 5.4% for 2011...
The Internal Revenue Service (IRS) has released the 2010 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, and accompanying instructions. Employers use Form 940 to report their annual Federal Unemployment Tax Act (FUTA) tax. FUTA Tax Must Be...
The South Carolina Department of Employment and Workforce has announced that pursuant to SC General Assembly Bill 391, the taxable wage base will increase for 2011. The wage base will increase from $7,000 for 2010 to $10,000 for 2011. Further Increases Are Already...
This week’s question comes from Peter, a company controller. I read that Michigan is a credit reduction state for 2010. Are there any other credit reduction states for 2010? Answer: Federal law provides for a reduction in the FUTA tax credit when a state has...
Following an investigation, the US Department of Labor has filed a lawsuit seeking more than $5 million in underpaid overtime. The suit was filed against CEMEX, Inc., a Houston-based provider of cement and concrete products. Employees in Arizona, California, Florida,...
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