IRS Form 940 Update: Employer's Annual Federal Unemployment (FUTA) Tax Return
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Learn how to properly complete and report the IRS Form 940 as per IRS requirements.IRS Form 940 is used for annual reporting of federal unemployment taxes. Every employer must report and pay unemployment taxes by setting aside an amount and reporting it in Form 940. This topic will provide you with details on what employers and earnings that are subject to unemployment taxes, as well as review your FUTA tax liabilities for 2019. You will learn how to properly complete and report the IRS Form 940 as per IRS requirements. We will review the updates that have occurred on the Form 940 and how to avoid common mistakes. Learn how to properly calculate, report, and remit FUTA taxes, as well as how to verify what payments were made by a third party on your behalf.
AuthorsArlene Baker, Paycor, Inc.
Why Form 940?
• What Is Federal Unemployment Tax Act
• Review Tax Rate and Wage Base
Employers Responsibility for Filing Form 940?
• What Earnings Are Subject to FUTA Taxes
• Discuss the Other Types of Employers
• Details of the FUTA Credit Reductions
How to Complete Form 940
• How to Properly Complete Form 940
• How to Properly Calculate FUTA Tax
• When FUTA Tax Deposits Are Due
Other Form 940 Considerations
• How to Avoid Common Mistakes
• What Errors Can Result in Penalties
• IRS Resources