What is the FUTA Credit Reduction…and Does It Apply to Me?

Depending on the states in which you do business, you may have received an unhappy surprise at the end of December.  It’s possible you will have to pay an additional amount of Federal Unemployment taxes for 2012 if your state was unable to pay all the unemployment benefits due its residents and had to obtain loans from the federal government to cover them. 

In a nutshell, here’s how the federal unemployment tax (FUTA) works and why you may have to pay more for 2012:

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