Are there any abbreviations related to the Federal Unemployment Tax Act (FUTA) that are important for payroll?
Yes, there are several important payroll abbreviations related to FUTA that you should understand. The key payroll abbreviation for our topic is 'FUTA' which stands for 'Federal Unemployment Tax Act.' This is the federal legislation that mandates employers to pay a certain percentage of an employee's gross earnings towards funding state workforce agencies. Other linked abbreviations include 'SUTA' for 'State Unemployment Tax Act' and 'UI' for 'Unemployment Insurance.' Understanding these abbreviations can be helpful in managing payroll and remaining compliant with tax obligations.