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Instruction 940 Rev Instructions for Form 940 Irs

Instruction 940 Rev Instructions for Form 940 Irs

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IRS Form 940 Script Hi everyone, I'm Priyanka Prakash, senior staff writer at Fundera. Today, I'll be showing you how to fill out Form 940: Employer’s Annual Federal Unemployment Tax Return, more commonly called the FUTA tax return. You must file this form if you paid $1,500 or more in wages to employees during a calendar quarter of this year or the previous year, or if you employed anyone for at least 20 weeks of the year. This form is due on January 31. However, you get an additional 10 calendar days to file if you deposited all your FUTA taxes on time throughout the year. Now, most employers have to pay FUTA at the federal level and state unemployment tax. As you’ll soon see, the two are closely related. As a reminder, FUTA tax is only paid by employers, so this is not a tax that you would deduct from your employees’ wages. Okay, let's get started with the form. The top of the form is pretty straightforward. You're just going to note down your business contact information, in

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