FUTA (Federal Unemployment Tax) Rate for 2011
The Department of Labor has announced the Federal Unemployment Tax (FUTA) rate for 2011 is 6.0% on the first $7,000 of wages. Employers in Florida receive a credit of 5.1% for 2011, making their net FUTA tax rate 0.9%. This new rate is an increase from the 2010 rate of 0.8%
Note: Florida is one of the states that utilized Federal Unemployment Trust Fund loans to keep unemployment insurance benefit programs solvent during recent periods of extended high unemployment. As a result, Florida’s FUTA credit amount is reduced for the 2011 filing as a way to recover the funds still owed to the Federal Trust Fund loans.
SUTA (State Unemployment Tax) for 2012
In 2012 the SUTA wage base will increase to $8,500 per employee (from $7,000 in 2011). Florida’s employers should receive their 2012 unemployment tax rate notices by December 19. For new employers, the rate will remain the same at 2.7% (initial rate) until the employer has reported for 10 quarters.
If you have any questions regarding this information, please contact our office at (239) 433-5554. Our team of professionals welcomes the opportunity to discuss your specific situation further. You may also visit us on the web at www.markham-norton.com.