What is form 940 2017?

Form 940 2017 is a tax form used by employers to report and pay their annual federal unemployment tax liabilities. It is filed by employers who have paid wages of $1,500 or more in any calendar quarter or had one or more employees for at least some part of a day in any 20 or more different weeks in the current or preceding calendar year. The form helps the IRS keep track of the funds used to provide unemployment compensation to eligible workers.

What are the types of form 940 2017?

There is only one type of Form 940 for the year 2017. It is used to report the employer's annual federal unemployment tax liability. However, the form may vary depending on the specific tax year.

Annual Federal Unemployment (FUTA) Tax Return

How to complete form 940 2017?

Completing Form 940 2017 is a straightforward process. Here is a step-by-step guide:

01
Gather the necessary information, such as employer identification number, total payroll for the year, and any adjustments or credits.
02
Determine if you are entitled to any credits, such as the credit reduction for state unemployment taxes paid.
03
Fill out the top section of the form, providing the required information about your business.
04
Complete Part 1, which involves calculating the total FUTA tax liability for the year.
05
Fill out Part 2 to determine if you have any adjustments to the FUTA tax liability.
06
Complete Part 3 if you are entitled to any credits or need to make a payment to the IRS.
07
Review the form to ensure all information is accurate and complete.
08
Sign and date the form.
09
Keep a copy of the form for your records, and submit it to the IRS.

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Video Tutorial How to Fill Out form 940 2017

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