FICA taxes are imposed on both employers and employees.
FUTA taxes are imposed on employers only.

FICA

Employers and employees are each liable for FICA taxes. Under Sec. 3102(a), an employer is liable for collecting (withholding) the employees’ tax from wages. Employers who fail to collect these taxes are responsible for the employees’ tax, in addition to their own [Sec. 3111(a)]

The Social Security tax imposed by the Federal Insurance Contribution Act (FICA) applies to virtually all compensation received for employment, including money or other forms of wages, bonuses, commissions, vacation pay, severance allowances, and tips. Reimbursements by one’s employers for medical and hospital expenses that are not included in gross income are not subject to FICA [Sec. 3121(a)(2)]. However, sick pay, which is a wage payment paid when unable to work, is subject to FICA.

The employer’s portion of FICA tax is the sum of 2 tiers:
Tier Employee’s Wages (for 2020 / 2021)          FICA Tax
1 $0 to $137,700 /$1,42,800                                 Wages × 7.65%
2 $137,700 / $1,42,800 or above                          Wages × 1.45%

The employee’s portion of FICA tax is the sum of 3 tiers:

Tier Employee’s Wages (for 2020 / 2021)           FICA Tax
1 $0 to $137,700 /$1,42,800                                  Wages × 7.65%
2 $137,700 / $1,42,800 to $200,000                   Wages × 1.45%
3 Above $200,000                                                    Wages × 2.35%
($250,000 MFJ, $125,000 MFS)

FUTA 

An employer that (1) employs one or more persons covered by the Social Security Act for at least part of a day in each of 20 different calendar weeks in a year or the preceding year or (2) pays wages of $1,500 or more during any calendar quarter in a year or the preceding year must pay a federal unemployment tax on the first $7,000 of each employee’s wages [Sec. 3306(a)].

Under Sec. 3306(b)(1), wages are taxed for federal unemployment taxes up to $7,000 for each employee. Wages earned in excess of $7,000 are not subject to federal unemployment taxes

Nonrefundable Tax Credits 

(1) Foreign Tax Credit (2) Child and Dependent Care Credit (3) Lifetime Learning Credit (4) Retirement Savings Contribution Credit (5) Child and Other Dependents Tax Credit (6) Credit for the Elderly or the Disabled (7) General Business Credit (8) Adoption Credit  

Refundable Tax Credits 

(1) Credit for Taxes Withheld (2) Earned Income Credit (3) Additional Child Tax Credit (4) American Opportunity Credit (5) Premium Tax Credit  

Transfer of a partner’s interest does not

1. Result in loss of rights (other than the right to transfer the interest)
2. Excuse a partner’s performance of duties and obligations
3. Make the recipient (e.g., a person or estate) a partner
4. Dissociate or dissolve the partnership

Partnership rights may be assigned without the dissolution of the partnership. The assignee is entitled only to the profits the assignor would normally receive. The assignee does not automatically become a partner and would not have the right to participate in managing the business or to inspect the books and records of the partnership.

A partner’s transferable interest consists of a partner’s share of partnership profits and losses and the right to receive distributions. Partners may sell or otherwise transfer (assign) their interests to the partnership, another partner, or a third party without loss of the rights and duties of a partner (except the interest transferred). Moreover, unless all the other partners agree to accept the assignee as a new partner, the assignee does not become a partner in the firm. Without partnership status, the assignee has no obligation for partnership debts.

A partner may assign his or her interest in the partnership but is not allowed to assign rights in specific partnership property. A partner’s individual creditors may not attach partnership property but may charge a partner’s interest in the partnership. Only a claim against the entire partnership allows specific partnership property to be attached.

The assignment transfers the assignor’s interest in partnership profits and losses and the right to distributions.

Dissolution

Dissolution can occur by an agreement of the partners to end the partnership. Although the actual authority to act on behalf of the partnership ceases at dissolution, apparent authority to conduct business in the usual way continues until notice is given to third parties or the partnership business winds up.

A partner’s liability for the existing obligations of the partnership does not cease when the partnership is terminated. The unilateral act of the partners cannot discharge obligations to third parties.

Dissociation

A partner has the power (if not the right) to dissociate at any time. The partnership may not be dissolved by dissociation of a partner unless it is by notice of the express will of that partner to withdraw. A statement of dissociation may be filed by the partnership or dissociating partner. Within 90 days after filing, notice of dissociation terminates the partner’s apparent authority and post-dissociation obligations.