Federal Unemployment Tax Act

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Definition: Federal Unemployment Tax Act

Federal Unemployment Tax Act
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Full Definition of Federal Unemployment Tax Act

FUTA. A federal law that taxes businesses in order to fund the unemployment benefits set forth by the Social Security Act of 1935. In times of economic growth, revenues from the tax increase but are used less frequently because unemployment levels are low, creating a cushion of funds. During times of slowing growth and rising unemployment, this cushion can provide benefits to the unemployed.

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Federal Unemployment Tax Act. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 20, 2024 https://payrollheaven.com/define/federal-unemployment-tax-act/.
Chicago Manual of Style (CMS):
Federal Unemployment Tax Act. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/federal-unemployment-tax-act/ (accessed: April 20, 2024).
American Psychological Association (APA):
Federal Unemployment Tax Act. PayrollHeaven.com. Retrieved April 20, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/federal-unemployment-tax-act/

Definition Sources

Definitions for Federal Unemployment Tax Act are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 17th November, 2021 | 0 Views.