Tax

The federal unemployment tax, also known as the FUTA tax, pays unemployment compensation to workers who lose their jobs. Employers pay FUTA taxes on the first $7,000 of each employee’s annual wages at a rate of 6.0%. Employers who pay their state unemployment taxes on time receive a credit reduction of 5.4%, making the net …

Effective with any payments made after January 1, 2015 (including your December, 2014 payments that are due in January), all employers will be required to pay their income tax and school district income tax withholdings electronically using the Ohio Business Gateway. Also, any other withholding forms such as the annual reconciliations (Forms IT941, SD141 and …