940 Form

What is 940 Form?

The 940 Form is a federal tax document used by employers to report their annual federal unemployment tax liabilities. Employers are required to file this form to ensure compliance with the Internal Revenue Service (IRS) regulations. The form calculates the amount of unemployment taxes owed based on the wages paid to employees throughout the year.

What are the types of 940 Form?

There is only one type of 940 Form, which is the Employer's Annual Federal Unemployment (FUTA) Tax Return. This form is used by employers to report their federal unemployment tax liabilities for the year.

Employer's Annual Federal Unemployment (FUTA) Tax Return

How to complete 940 Form

Completing the 940 Form can be a straightforward process if you follow these steps:

01
Gather all necessary information, including the employer's identification number (EIN), the amount of wages paid to employees subject to federal unemployment tax, and any adjustments or credits.
02
Fill out the top section of the 940 Form, providing the employer's name, mailing address, and EIN.
03
Report the total wages subject to federal unemployment tax on line 3.
04
Calculate the amount of tax owed using the FUTA tax rate of 6% (subject to adjustments). Enter the tax amount on line 4.
05
Determine if any adjustments or credits apply, such as the FUTA tax credit for payments made to state unemployment programs. Enter any applicable amounts on lines 5 and 6.
06
Calculate the total FUTA tax due by subtracting any adjustments or credits from the tax amount on line Enter the result on line 7.
07
Check the information provided and ensure accuracy.
08
Sign and date the form, as required.
09
Submit the completed form to the appropriate IRS address.
10
Retain a copy of the form for your records.

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Video Tutorial How to Fill Out 940 Form

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Questions & answers

0:41 3:51 How to Fill Out Form 940 (FUTA Tax Return) - YouTube YouTube Start of suggested clip End of suggested clip Form 940 has seven parts start by providing the employer identification. Number full name trade nameMoreForm 940 has seven parts start by providing the employer identification. Number full name trade name and registration. Address.
Mailing Addresses for Forms 940 Mail return without payment Mail return with payment Internal Revenue Service P.O. Box 409101 Ogden, UT 84409Internal Revenue Service P.O. Box 932000 Louisville, KY 40293-20004 more rows • Sep 15, 2022
You must use Schedule A (Form 940) if you paid wages to employees in more than one state or if you paid wages in any state that's subject to credit reduction.
You're encouraged to file Form 940 electronically. Go to IRS.gov/EmploymentEfile for more information on electronic filing. If you file a paper return, where you file depends on whether you include a payment with Form 940. Mail your return to the address listed for your location in the table that follows.
When to File? The due date for filing the Form 940 is January 31. However, if you deposited all FUTA tax when due, you have until February 10 to file. If the due date for filing a return falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day.
You can e-file any of the following employment tax forms: 940, 941, 943, 944 and 945. Benefits to e-filing: It saves you time. It is secure and accurate.