Everything you need to know about filing 1099s, W-2s, and other tax forms for your business
Overview
Form 940 is used by employers to report Federal Unemployment Tax Act (FUTA) tax each year. Most employers must file Form 940 if they paid wages of $1,500 or more in any calendar quarter or had one or more employees for at least part of a day in 20 or more weeks during the year.
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Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return, filed annually to report federal unemployment taxes paid by employers. Unlike payroll withholding taxes, FUTA tax is paid entirely by the employer and helps fund unemployment compensation programs.
You generally must file Form 940 if you:
*If all FUTA tax deposits are made on time, the IRS generally allows an additional 10 calendar days to file.
What is Form 940 used for?
Form 940 reports an employer’s annual Federal Unemployment Tax Act (FUTA) tax to the IRS.
Who needs to file Form 940?
Most employers must file if they paid $1,500 or more in wages during any calendar quarter or had one or more employees during 20 or more weeks in the year.
Is Form 940 filed annually?
Yes. Form 940 is filed once each year, although FUTA tax deposits may be required quarterly depending on your tax liability.
What is the Form 940 filing deadline?
Form 940 is generally due January 31 following the end of the tax year. If all FUTA taxes were deposited on time, employers typically receive a 10-day filing extension.
Can I eFile Form 940 online?
Yes. You can securely eFile Form 940 online, receive IRS acceptance notifications, and keep your filing records in one place.
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