Get the free Form 940-EZ

Form 940-EZ Employer's Annual Federal Unemployment (FTA) Tax Return Department of the Treasury Internal Revenue Service OMB No. 1545-1110 2006 See separate instructions for Form 940-EZ for information

How to fill out form 940-ez

How to fill out form 940-ez:

1. Gather all necessary information: Before you start filling out form 940-ez, gather all the required information such as your employer identification number (EIN), business name, address, and any wages or tips paid to employees during the tax year.
2. Determine if you qualify for form 940-ez: The 940-ez form is specifically designed for small business employers who meet certain criteria. Make sure you meet the requirements before proceeding with the form. Generally, if you have paid wages that are subject to federal unemployment tax (FUTA) of $500 or less during the year, you can use form 940-ez.
3. Provide employer and business information: Start by entering your employer identification number (EIN) and your business name, address, and other required details accurately in the corresponding fields on the form.
4. Calculate FUTA tax liability: Next, calculate your Federal Unemployment Tax (FUTA) liability. This involves determining the total wages paid to your employees during the year, excluding any wages paid to independent contractors.
5. Complete the payment and refund sections: On the form, you need to state the amount of FUTA tax you have already paid during the year. Additionally, if you are entitled to any credit reduction or need to claim any overpayment, provide the necessary details in the refund section.
6. Double-check the information: Before submitting the form, review all the information you have provided to ensure its accuracy and completeness. Mistakes or missing information can result in delays or penalties.

Who needs form 940-ez:

1. Small business owners: If you are a small business owner and have paid wages subject to federal unemployment tax (FUTA) of $500 or less during the tax year, you will need to fill out form 940-ez.
2. Employers subject to FUTA: Form 940-ez is specifically for employers who are subject to the Federal Unemployment Tax Act (FUTA). This tax is imposed on employers to fund unemployment compensation for eligible employees.
3. Employers with employees: If you have employed workers during the year and have paid wages subject to FUTA tax, then you will be required to file form 940-ez. It helps you report your FUTA tax liability accurately.

Overall, form 940-ez is necessary for small business owners to report their FUTA tax liability if they meet the criteria outlined by the IRS. It is important to understand the requirements and accurately fill out the form to comply with tax regulations.

For pdfFiller’s FAQs

What is form 940-ez?

Form 940-EZ, also known as the Employer's Annual Federal Unemployment Tax Return, is a simplified version of Form 940 used to report federal unemployment tax.

Who is required to file form 940-ez?

Employers who have paid wages of $1,500 or more in any calendar quarter during the current or previous year, or have had one or more employees for at least some part of a day in any 20 or more different weeks in the current or previous year, are required to file Form 940-EZ.

How to fill out form 940-ez?

Form 940-EZ can be filled out manually or electronically by providing information such as employer identification number, total wages paid, federal unemployment tax paid, and any adjustments.

What is the purpose of form 940-ez?

The purpose of Form 940-EZ is to report and pay federal unemployment taxes to the IRS to help fund unemployment benefits for eligible workers.

What information must be reported on form 940-ez?

Information such as employer details, total wages paid, federal unemployment tax paid, any adjustments, and credits claimed must be reported on Form 940-EZ.

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