FUTA surtax extended for a year
The Federal Unemployment Tax Act (FUTA) imposes a 6.2% tax on the first $7,000 of wages paid annually to employees. Years ago, a .2% surtax was added as a "temporary" measure; this "temporary" surtax was set to expire after 2008.
The recently passed Emergency Economic Stabilization Act of 2008 extends the surtax through 2009. The extension of the surtax will, according to the Treasury Department, "support the continued solvency of the federal unemployment trust fund."
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