IRS 940 2012 free printable template

To avoid a penalty make your payment with your 2012 Form 940 only if your FUTA tax for the fourth quarter plus any undeposited amounts from earlier quarters is 500 or less. Form 940 for 2012 Employer s Annual Federal Unemployment FUTA Tax Return Department of the Treasury Internal Revenue Service Employer identification number EIN 850112 OMB No. 1545-0028 Type of Return Check all that apply. Payments exempt from FUTA tax. Check here. Complete Schedule A Form 940. Total taxable FUTA wages...

How to fill out 2012 irs form 940

1. To fill out the 2012 IRS Form 940, you need to start by obtaining a copy of the form. You can download it from the IRS website or request a physical copy by mail.
2. The Form 940 is used to report an employer's annual federal unemployment tax liability. It is typically filed by employers who paid wages of $1,500 or more to employees during any calendar quarter in the previous year or the current year.
3. Begin by providing your employer identification number (EIN), business name, and address in the designated spaces on the form. If you don't have an EIN, you can apply for one through the IRS.
4. Next, you need to report the total number of employees you had during each quarter of the year and the wages paid to them. Calculate the total wages subject to the federal unemployment tax by subtracting any exempt payments.
5. The form also requires you to report any adjustments to your taxable wages, such as sick pay and group-term life insurance. Ensure you accurately calculate these adjustments and enter them in the appropriate lines.
6. After calculating the tax liability, you need to report any deposits or overpayments made throughout the year. The form provides space for these entries.
7. Towards the end of the form, there are spaces to provide additional information, if necessary. This can include any credits claimed against the tax liability or any changes in the business during the year.
8. Once you have completed the form, double-check all the information for accuracy. Make sure all calculations are correct, and all required fields are filled. Don't forget to sign and date the form.
9. Keep a copy of the filled-out form for your records and mail the original to the appropriate IRS address. Ensure you send it by the due date, which is generally the last day of January of the following year.
10. In conclusion, the 2012 IRS Form 940 needs to be filled out by employers who met the wage and employee criteria set by the IRS. It is used to report annual federal unemployment tax liability and must be filed accurately and in a timely manner.

• Who needs IRS Form 940?
• What is IRS Form 940 for?
• Is IRS Form 940 accompanied by other forms?
• • When is IRS Form 940 due?
  • How do I fill out IRS Form 940?
  • Where do I send IRS Form 940?

Who needs IRS Form 940?

IRS Form 940 or the Federal Unemployment Tax Return should be filled out by the business owner who has paid $20,000 or more to the employees during any calendar year quarter. Or it's a business owner who has hired 10 either part-time or full-time employees during 20 weeks of the year.

Indian tribal government employer doesn't have to fill out form 940 since no tax is applied. The organizations that belong to charity, education or scientific sphere don't have to fill out form 940.

What is IRS Form 940 for?

First, form 940 serves to define the employer's federal unemployment tax liability. Once this is done, the form calculates the amount of unemployment tax due. Another important function of the form is that it compares the paid tax and defines the amount of underpaid tax that an employer should compensate.

Is IRS Form 940 accompanied by other forms?

According the IRS rules, if you include household employees on your Form 940, you must also file Form 941, Employer's QUARTERLY Federal Tax Return; Form 943, Employer's Annual Federal Tax Return for Agricultural Employees; or Form 944, Employer's ANNUAL Federal Tax Return. These forms serve to report social security, Medicare, and any withheld federal income taxes for your household employees.

In general, the IRS form 940 does not require any attachments such as receipts or proof of payment.

When is IRS Form 940 due?

The due date of the form 940 is January 31, 2017. Pay attention that this form report unemployment tax for the previous year. The deadline can be moved to the next business day if January 31 is a weekend or a legal holiday.

How do I fill out IRS Form 940?

The IRS form 940 requires much information. It may vary depending on your tax status but the obligatory fields to complete are:

• contact information

• business tax ID, also known as EIN

• business annual financial records

Look through the form and watch the video to get more information about how to fill out the form and what fields are necessary to complete.

Where do I send IRS Form 940?

The address where you will file form 940 depends on whether you include a payment check. See the IRS instructions to define where to send your form.

Instructions and Help about 2012 irs form 940

Form 940 or the employer's annual federal unemployment tax return is an IRS form that employers use to report the amount of federal unemployment tax owed for the previous year the amount of tax paid and the outstanding balance the feud at tax rate is six percent, and it applies to the first seven thousand dollars earned by an employee employers must pay the few to tax and file form 940 if the amount for wages paid during the year is 1 500 and over or at least one employee was employed for some part of a day in any 20 or more different weeks you can either download form 940 from the IRS website or get the current revision of the form that you can edit sign and submit electronically at pdffiller.com form 940 has seven parts start by providing the employer identification number full name trade name and registration address most employers would leave the type of return section on the right blank however these boxes may apply to you if you're a filling out an amended form 940 b recently acquired a business that had few to tax liabilities c did not pay any wages for the year or d if you're closing down your business or stop paying wages in part one indicate whether you employ workers in only one state or in multiple states and whether you paid wages in a credit reduction state in line 1a specify if you pay unemployment taxes in a single state line 1b is for multi-state employers line 2 is to specify if you work in a credit reduction state if you check the boxes in line 1b or 2 you must also complete schedule an of form 940. In part 2 you must determine your feud tax before making adjustments in line 3 indicate every payment you made to employees in line 4 indicate any feud exempt payments fringe benefits group term life insurance etc in line five indicate the total for taxable payments made in excess of seven thousand dollars use lines six through eight to calculate your total taxable FTA wages and total feud taxes before adjustments in part 3 determine your tax adjustments if all the feudal wages indicated in the previous section were excluded from state unemployment tax multiply line 7 by 0.054 record it in line 9 and proceed to part 4. If they weren't use the worksheet on page 11 of the IRS instructions for form 940 to calculate your adjustments in part 4 determine your feud tax and balance due or overpayment calculate your total feud attacks after adjustments then provide it in line 12. In line 13 indicate any feud payments or overpayments in line 14 and 15 determine if you have an outstanding amount of feud attacks due or any overpaid fees don't forget to indicate your name and employer identification number at the top of page 2. In part 5 report your future tax liability by quarter only if the amount indicated in line 12 exceeds 500 otherwise proceed to part 6. In part 6 you as a player can choose to designate an employee a paid tax preparer or a certified public accountant to discuss the return with the IRS provide the designee's name phone...

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What is irs form 940?

IRS Form 940 is an annual payroll tax form used by employers to report and pay Federal Unemployment Tax Act (FUTA) taxes. FUTA taxes are paid to fund unemployment compensation for workers who have lost their jobs. Employers are required to file Form 940 if they meet any of the following requirements: 1. Paid wages of $1,500 or more to employees during any calendar quarter in the current or preceding calendar year. 2. Had one or more employees working for at least part of a day in any 20 or more different weeks in the current or preceding calendar year. 3. Purchased a business that had a Chapter 11 bankruptcy during the current or preceding calendar year. Form 940 is used to calculate the amount of FUTA tax owed by the employer and report information about their employees and wages paid. The form is typically filed once a year and the tax payment is made separately.

Who is required to file irs form 940?

Employers who pay wages of $1,500 or more to employees in a calendar year, or who had one or more employees for at least part of a day in any 20 or more different weeks in the current or preceding calendar year, are required to file IRS Form 940.

How to fill out irs form 940?

Completing Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, involves several steps. Here is a basic outline to help you fill it out: 1. Provide employer information: Fill in your employer identification number (EIN), name, address, and other relevant details at the top of the form. 2. Determine your FUTA liability: Calculate your total FUTA liability for the year by adding up all taxable wages paid to employees during the period and applying the current FUTA tax rate. You may exclude any wages already subject to state unemployment tax. 3. Report adjustments: If applicable, enter adjustments to your FUTA liability, such as credit for tax paid to a state unemployment fund or adjustments due to change in payment schedule. 4. Calculate the FUTA tax owed: Subtract any adjustments from your total FUTA liability to determine the amount of FUTA tax owed. 5. Report deposits and payments: Indicate the total FUTA tax deposits made during the year, including any payments made with Form 940-V, the payment voucher. If you made all required deposits on time, you may be eligible for the “credit reduction” reduction rate. 6. Calculate the final amount owed/refund due: Subtract your total deposits from the amount of FUTA tax owed to figure out the remaining balance (or refund due, if you overpaid). 7. Sign and date: Sign and date the return as the authorized person, provide your title, contact information, and select the appropriate box indicating whether you prepared the form or someone else did. Note: This is just a general guide. The IRS provides detailed instructions for Form 940, which you should refer to for more specific information and any additional requirements based on your unique circumstances.

What is the purpose of irs form 940?

The purpose of IRS Form 940, also known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, is to report and calculate the federal unemployment tax due on wages paid to employees. It is used by employers to report their liability for the FUTA tax, which funds unemployment compensation programs for workers who have lost their jobs. The completed form helps the IRS track an employer's annual payments towards unemployment taxes and corresponds with the credit that the employer may be eligible to claim on their Form 940 for Federal Unemployment Tax Act (FUTA) taxes paid to state unemployment agencies.

What information must be reported on irs form 940?

IRS Form 940, also known as the Employer's Annual Federal Unemployment Tax Return, requires the reporting of the following information: 1. Employer identification number (EIN) 2. Business name, address, and contact information 3. Accounting period (calendar year or fiscal year) 4. Total amount of wages paid to employees during the year 5. Amount of taxable wages subject to federal unemployment tax (FUTA) 6. Amount of FUTA tax paid during the year 7. Any adjustments or credits related to FUTA taxes 8. Any state unemployment tax paid during the year 9. Total number of employees during each quarter and their wages 10. Any other required information or additional details as specified by the IRS. It is essential for employers to accurately report all necessary information on Form 940 to fulfill their obligations related to federal unemployment tax.

When is the deadline to file irs form 940 in 2023?

The deadline to file IRS Form 940 (Employer's Annual Federal Unemployment Tax Return) in 2023 is January 31, 2024. However, if you have deposited all of the FUTA tax when due, you have until February 10, 2024, to file the return. Please note that deadlines are subject to change, so it is always recommended to confirm with the IRS for the most up-to-date information.

What is the penalty for the late filing of irs form 940?

According to the Internal Revenue Service (IRS), the penalty for the late filing of Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, is typically 5% of the unpaid tax amount for each month or part of a month that the return is late. The penalty can accrue up to a maximum of 25% of the unpaid tax. If the return is more than 60 days late, the minimum penalty imposed is either the lesser of $435 or the amount of tax owed. In some cases, the IRS may also assess interest on the unpaid tax amount. It's important to note that penalties and interest can vary depending on the specific circumstances, and it is always recommended to refer to the official IRS guidelines or consult with a tax professional for accurate and up-to-date information.

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