Get the free Form 940 - 940 Form and 941 Form

860510 Schedule R (Form 940): Allocation Schedule for Aggregate Form 940 Filers OMB No. 1545-0028 (December 2010) Department of the Treasury Internal Revenue Service Report for calendar year: Employer

How to fill out form 940 - 940

How to fill out form 940 - 940:

1. Gather all the necessary information, including your employer identification number (EIN), business name and address, and the total amount of wages paid to employees during the year.
2. Fill in Part 1 of the form, which includes providing your EIN and business name as well as the tax year for which you are filing.
3. Calculate the total FUTA (Federal Unemployment Tax Act) tax liability by multiplying the taxable wages by the applicable tax rate. Enter this amount in Line 10.
4. Complete Part 2 of the form by reporting any adjustments to the FUTA tax liability, such as any previously paid taxes or credits.
5. Fill out Part 3 of the form by reporting the state unemployment tax (SUTA) paid during the year, if applicable.
6. Calculate the total amount of FUTA tax owed by subtracting any adjustments or credits from the FUTA tax liability and SUTA liability. Enter this amount in Line 16.
7. Sign and date the form and provide your contact information.
8. Submit the completed form to the appropriate IRS address by the deadline specified.

Who needs form 940 - 940?

1. Employers who paid wages of $1,500 or more to employees during any calendar quarter of the previous year.
2. Agricultural employers who paid cash wages of $20,000 or more to employees during any calendar quarter of the previous year.
3. Employers who had one or more employees for at least some part of a day in any 20 or more different calendar weeks during the previous year (also known as a household employer).
4. Nonprofit organizations that paid wages of $1,000 or more to employees in any calendar quarter of the previous year.
5. Employers who inherited a business and reported wages subject to FUTA tax.
6. Employers who acquired an organization during the year and continued to pay wages subject to FUTA tax.

It is important for these employers to fill out form 940 - 940 accurately and timely in order to comply with federal tax requirements and to ensure proper unemployment tax payments are made.

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What is form 940 - 940?

Form 940 is the Employer's Annual Federal Unemployment (FUTA) Tax Return.

Who is required to file form 940 - 940?

Employers who have paid wages of $1,500 or more in any calendar quarter or who had at least one employee for some part of a day in any 20 or more different weeks.

How to fill out form 940 - 940?

The form must be filled out with information about the employer, the amount of wages subject to FUTA tax, tax deposits made, and any credits claimed.

What is the purpose of form 940 - 940?

The purpose of form 940 is to report and pay the FUTA tax to the IRS.

What information must be reported on form 940 - 940?

Information such as employer details, total wages subject to FUTA tax, tax deposits made, and any credits claimed.