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Employers qualify for the credit for state unemployment tax as long as: Sometimes, a state borrows money federal government to pay for unemployment benefits. Employers who have employees in a credit reduction state fill out Form 940 Schedule A in addition to their Form 940.
When a state has not yet repaid its loan to the federal government, employers are not eligible for the full 5.4% credit. For the year 2018, there is just one credit reduction state: the United States Virgin Islands.
FUTA tax rates in credit reduction states for other years include: SUTA refers to taxes or contributions paid into a state-level unemployment fund.
These funds are held by the state to pay out unemployment benefits.
The due date for 2018 FUTA taxes is January 31, 2019.
However, employers can file Form 940 by February 11, 2019, as long as their FUTA tax liabilities are paid throughout 2018 by the quarterly payment due dates.
SUTA tax varies not only by state but also by business within the state.
You’ll also have to pay state unemployment taxes (SUTA).
Each state sets its own unemployment tax rates, so the SUTA tax rates vary from state to state.
States use a variety of complicated formulas to calculate each employer’s unemployment rate.
Employers in the Virgin Islands pay a net federal FUTA tax rate of 3% for the year 2018.
This 3% rate is composed of the 0.6% standard FUTA rate plus a 2.4% credit reduction rate.
Paying state unemployment taxes on time can reduce your FUTA taxes by as much as 5.4% percentage points, meaning that you can end up paying a FUTA tax rate as low as 0.6% at the federal level on the first $7,000 that each employee earns.