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S Corporation Employees, Shareholders and Corporate Officers

    https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-and-corporate-officers
    Mar 16, 2021 · The definition of an employee for FICA (Federal Insurance Contributions Act), FUTA (Federal Unemployment Tax Act) and federal income tax withholding under the Internal Revenue Code include corporate officers. When corporate officers perform a service for the corporation and receive or are entitled to payments, those payments are considered wages.

Wage Compensation for S Corporation Officers - IRS tax forms

    https://www.irs.gov/pub/irs-news/fs-08-25.pdf
    The instructions to the Form 1120S, U.S. Income Tax Return for an S Corporation, state "Distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation."

Is a FUTA Return Required for the Owner of an S Corporation?

    https://smallbusiness.chron.com/futa-return-required-owner-s-corporation-46988.html
    Feb 26, 2021 · The IRS has an annual wage limit of ​ $7,000 ​ per employee subject to federal unemployment. If you earn more than this amount from your S-corporation, only the first ​ $7,000 ​ will be taxed.

ESDWAGOV - Exempting corporate officers

    https://esd.wa.gov/employer-taxes/corporate-officers
    If a corporation does not elect coverage for its corporate officers, it must pay the full rate for federal unemployment taxes (FUTA) on them. This may cost more than state taxes, depending on tax rate and salaries.

Employer's Guide to Federal Unemployment Tax (FUTA)

    https://www.thebalancesmb.com/what-is-the-federal-unemployment-tax-futa-397959
    Apr 29, 2020 · All employers pay Federal Unemployment Tax (FUTA) to fund the unemployment account of the federal government, which pays employees who leave a company involuntarily. Businesses also may have to pay state unemployment taxes, which are coordinated with the federal unemployment tax. 1 Estimated Reading Time: 6 mins

Who Pays Federal Unemployment Taxes (FUTA)?

    https://www.loopholelewy.com/loopholelewy/10-payroll-taxes/payroll-taxes-12-futa.htm
    However, if any wages subject to FUTA tax are not subject to state unemployment tax, you may be liable for the FUTA tax at the maximum rate of 6.0%. For example, in certain states, wages paid to corporate officers, certain payments of sick pay by unions, and certain fringe benefits are excluded from state unemployment tax.

FUTA Tax - Learn How to Calculate the Federal FUTA Tax

    https://corporatefinanceinstitute.com/resources/knowledge/other/futa-tax/
    Feb 18, 2021 · Each of these employees earns an annual taxable income of $10,000, bringing the total wages to $100,000. In such a case, the tax is applied to the first $7,000 in wages paid to each of the employees. Therefore, the company’s annual FUTA tax will be 0.06 x $7,000 x 10 = $4,200.

ESDWAGOV - Corporate officers FAQ

    https://esd.wa.gov/employer-taxes/corporate-officers-FAQ
    If your officers are not covered, you will lose your Federal Unemployment Tax Act (FUTA) tax credit for them. Your total taxes (state taxes and FUTA) may go up or down, depending on the salaries of individual corporate officers and your state tax rate. 26.

Employee-Shareholders, Reasonable Compensation And ...

    https://www.rivkinradler.com/publications/employee-shareholders-reasonable-compensation-and-employment-taxes/
    Jul 19, 2021 · FICA and FUTA impose “employment taxes” that employers must pay, and are also obligated to withhold from their employees, in addition to income tax withholding. Employers are required to make periodic deposits of amounts withheld from employees’ wages and amounts corresponding to the employer’s share of FICA and FUTA tax.

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