Preparing Schedule H for 2021 Fed tax filing. Calculation for FUTA [Federal Unemployment Tax Act] in TurboTax seems incorrect at 0.6% when the tax rate for 2021 is 6%. This seems to under-report FUTA tax owed by a factor of 10. Anyone else seeing this error? I've updated the software as of today.
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If your state requires that you pay unemployment, you get credit for that unemployment with the IRS. The default rate is then the .6%
If your state requires that you pay unemployment, you get credit for that unemployment with the IRS. The default rate is then the .6%
Aha! You are correct about that as California is one of those states so the 0.6% net FUTA tax rate is correct. Thank you!
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