Futa Tax Rate 2024. However, you may receive a credit for timely payment of state unemployment tax of 5.4%. Therefore, employers shouldn't pay more than $420 annually for each employee (6.0% x $7,000).
The futa tax code, which is designed to fund state unemployment insurance programs, is poised to undergo significant changes in 2024. The futa tax rate for 2023 and 2024 stands at 6.0%, applicable to the initial $7,000 of wages paid to each employee annually, termed as the federal or futa wage base.