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Reply to "FUTA calculation for household employee"
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[quote=Anonymous]I am the OP of the W2 thread. I am trying to figure out FUTA. I am up to date on SUTA payments Which of these is the correct formula for a household employee making more than 10k. I know the ceiling on the FUTA and SUTA for MD are 7000 and 8500 and the rates are 6.2% and 2.6%. I also read somewhere that if SUTA is paid in full, the FUTAnis discounted to 0.6%. Which of these formulae is correct for FUTA A. (6.2 - 2.6)* 7000 B. (2.6*8500) - (6.2 * 7000) C. 0.6*7000 Or something entirely different. Don't mind poring through IRS instructions, so I appreciate a link if you don't know he answer for my exact situation. [/quote]
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