No, all versions of TurboTax are correctly updated for 2017. For 2017, the FUTA tax rate is 6.0%. The tax applies to the first $7,000 you pay to each employee as wages during the year. The $7,000 is the federal wage base.
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There are two parts of FICA --
one for Social Security and another for Medicare -- and both are assessed
differently.
- The
Social Security tax rate is 6.2% of earned income up to a certain cap. For
2017, the maximum amount of income that can be subject to Social Security
tax is $127,200. No Social Security tax is assessed on income in excess of
this amount.
- The
Medicare tax rate is much lower, at 1.45% of earned income. However, there
is no wage cap -- every dollar of earned income is subject to Medicare
taxes, even if the income is in the millions.
