If you are an employer, it is important for you know about the Federal Unemployment Tax Act. This unemployment tax act has to be factored into the work of employers, and plays a large role depending on how much or how little an employee is being paid.
While fully understanding the unemployment tax is vital, it should be noted that hiring tax services is always an option to help make this process a lot less complicated for business owners.
The Costs
If you have paid at least $1,500 to an employee during a calendar quarter, then you’re going to have to pay an unemployment tax in Topeka, KS. This tax is only paid by the employer and not the employees.
The rate for this payment is 6.0%, and employers can even get a credit of 5.4% if they are paying an unemployment tax for the state.
It should be noted, when it comes to this tax, that once an employee is paid up to $7,000 within the year, the employer is exempt from having to pay this tax.
Getting Aid from Professionals
The unemployment tax is just one form of tax that employers have to consider when doing their taxes for the year. While it is an easy tax to overlook, it still has a great deal of importance, especially for small businesses that are just starting out.
If you’re unsure about this tax, and what can be done to minimize the costs that come with it, consider hiring tax professionals such as Peggy’s Tax & Accounting Svc.
Easing the Tax Code Burden
While there are methods to file your taxes on your own, fully understanding the benefits that come with the tax code and what all of your tax requirements are can get a little difficult. In order to help ease that burden, a professional is capable of looking over your account history and managing your taxes in the most effective way as possible, while saving you from the complexities of the process.
