Florida General Contractor Practice Exam

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By when are deposits for FUTA taxes due?

Quarterly
Annually
Monthly
Biweekly

The correct answer is: Monthly

The correct timing for deposits for FUTA (Federal Unemployment Tax Act) taxes is based on a specific schedule set forth by the IRS. Employers who accumulate a FUTA tax liability of $500 or more during the calendar year are required to pay these taxes quarterly. However, for businesses with an annual liability of less than $500, they can simply report the tax on their annual tax return rather than making quarterly payments. The remaining response options imply different frequency schedules. While some employers may feel tempted to align FUTA tax deposits with monthly payrolls or biweekly cycles, those schedules do not align with the IRS's guidelines for FUTA tax deposit timing. These taxes specifically require either quarterly or annual reporting, and understanding this requirement helps ensure compliance with federal tax laws.