Keyword Analysis & Research: 940

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Frequently Asked Questions

What does 940 stand for?

An employer's annual Federal Unemployment Tax return , the IRS' Form 940, is an annual form filed with the IRS by businesses with one or more employees. It's used to figure the employer's federal unemployment tax based on the business's annual payroll.

What is the difference between a 940 and 941?

943 and 941 are calculated with the same rules. The only difference is that 943 is for farmers and 941 is for everyone else. 940 is federal unemployment for everyone.

What is 940 vs 941 tax?

IRS Form 941 reports federal income tax withholding and Federal Insurance (FICA) taxes, and it is filed every quarter. So, the key difference between Form 940 and 941 is that Form 940 reports FUTA tax, which is paid entirely by the employer, whereas Form 941 reports withholding and shared taxes that are split between the employee and employer.

What is the 'Form 940' used for?

Form 940 is used to calculate a business' annual Federal Unemployment Tax Act (FUTA) tax. The money from this tax goes towards paying unemployment compensation for those that have lost their jobs.

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