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New York State Department of Taxation and Finance FT-940 Certification of Use of Motor Fuel Purchased in Volume (6/03) To be completed by the purchaser and given to the seller who must keep it for

How to fill out ft 940 form

How to fill out ft 940:

1. Begin by obtaining the Form FT 940, which is the Federal Tax Deposit Coupon. This form is used to make federal tax deposits for various types of taxes.
2. Make sure you have the necessary information and documents ready before filling out the form. This may include your employer identification number (EIN), tax period, and the amount of tax being deposited.
3. On the form, you will find various sections to fill out. Start by providing your business name, address, and EIN in the designated spaces.
4. Next, input the tax period for which you are making the deposit. This is generally the quarter or month for which the tax is due.
5. Specify the type of tax being paid by checking the appropriate box. There are separate sections for taxes such as federal income tax withheld, Social Security tax, Medicare tax, and additional Medicare tax.
6. Calculate the total amount of tax being paid and enter it in the corresponding box. It's essential to ensure accuracy in this step to avoid any discrepancies.
7. If you are depositing on behalf of multiple entities or subsidiaries, indicate the number of entities being included in the deposit.
8. Fill out the payment details section, including the date of the deposit, your bank account number, and routing number. This information is necessary for the IRS to process your deposit correctly.
9. Finally, sign and date the form to indicate your authorization. Double-check all the information provided and ensure you have included accurate and complete details.
10. Once you have filled out the form entirely, detach the payment voucher at the perforated edge and retain it for your records. You will submit the remaining portion with your tax deposit.

Who needs ft 940:

1. Businesses that are required to make federal tax deposits need Form FT 940. It is typically used by employers who withhold taxes from their employees' wages, including federal income tax, Social Security tax, Medicare tax, and additional Medicare tax.
2. Self-employed individuals who are subject to self-employment taxes must also make federal tax deposits using Form FT 940.
3. Any entity or individual responsible for depositing federal taxes as specified by the Internal Revenue Service (IRS) guidelines may require Form FT 940.

Note: It is always advisable to consult with a tax professional or refer to the IRS website for specific instructions and requirements related to Form FT 940.

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