Get the free Form 940-EZ - irs

This form is used to report annual Federal Unemployment Tax Act (FUTA) tax. Employers pay this tax to provide unemployment compensation to workers who have lost their jobs. The form provides specific

How to fill out form 940-ez - irs

How to fill out Form 940-EZ

1. Obtain Form 940-EZ from the IRS website or a local IRS office.
2. Fill in the employer's name, address, and EIN (Employer Identification Number) at the top of the form.
3. Indicate the taxable year for which you are filing the form.
4. Complete Part 1 by entering the total payments you made to your employees during the year.
5. Calculate and enter the total amount of federal unemployment tax (FUTA) owed.
6. Complete Part 2 to report any adjustments to your tax due.
7. Sign and date the form, certifying that the information provided is true and complete.
8. Submit the completed Form 940-EZ to the IRS by the filing deadline.

Who needs Form 940-EZ?

1. Employers who pay wages to employees and have an annual FUTA tax liability of $500 or less.
2. Businesses that do not have to file Form 940 but have a simple tax situation satisfactory for using Form 940-EZ.

People Also Ask about

Who is required to file a form 940?

Each year, every business with employees must file Form 940 to compute the amount of unemployment tax that must be paid on the federal level. This payroll tax is based on the first $7,000 of each employee's wages (including owners of S corporations who receive a salary for work performed for their businesses).

Can I print form 940?

To print Form 940 Information can be edited on the IRS Form 940 screen before printing the form. Once the information on this screen is correct, click Print.

Who can file an EZ tax form?

Form 1040EZ was a shortened version of Form 1040 for taxpayers with basic tax situations. The form was discontinued as of the 2018 tax year and replaced with the redesigned Form 1040. Form 1040EZ could only be used by people with no dependents who were younger than age 65 and earned less than $100,000 per year.

Can I file form 940 electronically?

Modernized e-file (MeF) for employment taxes offers a secure and accurate way to file the following forms electronically: Form 940, Employer's Annual Federal Unemployment Tax Return. Form 940 (PR), Employer's Annual Federal Unemployment Tax Return.

What is 940 EZ?

Use Form 940-EZ to report your annual Federal Unemployment Tax Act (FUTA) tax. FUTA tax, together with state unemployment systems, provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both federal and state unemployment taxes. Only the employer pays FUTA tax.

What is form 940 EZ?

Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax.

Why is FUTA taken out of my paycheck?

California employers fund regular Unemployment Insurance (UI) benefits through contributions to the state's UI Trust Fund on behalf of each employee. They also pay Federal Unemployment Tax Act (FUTA) taxes to the federal government to help pay for: Administration of the UI program. UI loans to insolvent states.

Does everyone have to pay FUTA?

Only the employer pays FUTA tax; it is not deducted from the employee's wages. For more information, refer to the Instructions for Form 940.

For pdfFiller’s FAQs

What is Form 940-EZ?

Form 940-EZ is a simplified version of IRS Form 940, which is used by employers to report their annual Federal Unemployment Tax Act (FUTA) tax liability.

Who is required to file Form 940-EZ?

Employers who meet specific criteria and have a simpler unemployment tax situation, typically those with less than $1,500 in wages in any quarter and who have had no employees for any part of the year, are required to file Form 940-EZ.

How to fill out Form 940-EZ?

To fill out Form 940-EZ, complete the identification section, report the total taxable wages and FUTA tax, and transfer any amounts from Form 940 or 941 if applicable, then sign and date the form.

What is the purpose of Form 940-EZ?

The purpose of Form 940-EZ is to allow eligible employers to report their annual FUTA tax liability in a simplified format, making it easier for organizations with straightforward situations to comply.

What information must be reported on Form 940-EZ?

Form 940-EZ requires the reporting of the employer's identification information, total wages subject to FUTA tax, the calculation of the tax amount, and any credits taken for state unemployment tax contributions.