How to submit IRS Form 940

The Internal Revenue Service (IRS) Form 940 Annual Federal Unemployment is on the employer (FUTA) Tax Return. Along with any state unemployment tax required, the FUTA tax provides compensation to employees who lost their jobs and are eligible to collect unemployment benefits. Employees do not contribute to the tax FUTA, and employers pay this tax only on the first $ 7,000 paid to each employee during the year. You can find a form 940 online at the IRS.

 

1. Determine whether your business is required to file Form 940. In general, employers must submit the form if paid wages of more than $ 1,500 for an employee in any quarter during the year, or an employee or more for some part of the day in the 20 weeks or more during the year. However, the guidelines differ from the employers of household employees and agricultural employers, and Indian tribal governments, tax-exempt organizations and employers from state or local governments.

 

2. You must deposit filing taxes using electronic money transfers (EFT). Generally, they are conducting the transfer of funds electronically using the Electronic Federal Tax Payment System (EFTPS). FUTA tax must be deposited before you file IRS Tax Form 940 Instructions.

 

3. Complete Form 940. To ensure accurate processing, and include your name and employer identification number (EIN) on each page of the form and attachments.

 

4. File Form 940 before the deadline. Title deposit varies depending on your state and the state of payment and can be found on the IRS.

 

Related Post: FUTA tax return instructions

 

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