Federal Unemployment Tax Act

{
  "id": "MLC-T-LAW-002084",
  "term": "Federal Unemployment Tax Act",
  "field": "Law",
  "definition": "A federal law that taxes employers on covered wages, with the proceeds funding administration of state unemployment programs, the federal share of extended benefits, and loans to states whose benefit funds run short. Regular benefits are paid from state unemployment taxes. The net federal rate is 0.6 percent on the first $7,000 of each employee's wages after the credit for state taxes paid.",
  "abbreviation": "FUTA",
  "url": "https://mlchart.com/terminology/law/federal-unemployment-tax-act/"
}