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IRS Form 940: Filling Instructions to Save Your Time

2021-11-29 13:57:07 • Filed to: PDF Form Solutions • Proven solutions

FUTA Tax (IRS Form 940) is used to pay people a stipend or funds who have lost their job. You can submit your FUTA or Federal Unemployment Tax Act Tax by filling Form 940. All employers must pay FUTA tax.

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People used to print Form 940 and fill it by hand-writing. And it happened a lot that they had to fill the form at least twice as errors happened often when handling so many numbers. Turning to a smart form filler as PDFelement can be a wise choice to make the process much easier and simpler.

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Who Are Supposed to Complete IRS Form 940

IRS Form 940 is critical for workers and employers and it should be filled and filed annually. You must pay FUTA tax and File Form 940 if any one of the following is applicable to you.

1. If you had paid salaries and wages of more than $15,000 to any employee in any quarter of 2013 or 2014.

2. If for at least 20 weeks of 2013 or 14, you had workers for any part of the day. All times of workers: full time, part time, and temporary employees. Do not consider partners.

3. Employers hosting workers in their household should file form 1040 which is house hold employment tax form. Filing form 940 for house hold employees will be rejected and you can lose your money.

4. Form 940 must be filed by due date to avoid any penalization by IRS. The due date for filing tax of 2014 is February 2, 2015. If you had already submitted FUTA tax, the dead line is extendable to February 10, 2015.


IRS Form 940 Instructions

The following step by step instruction given below will guide on how to fill out IRS Form 940.

Step 1: You can get the IRS Form 940 from the official website of Department of the Treasury, Internal Revenue Service or you can simply search for IRS Form 940 using a search engine. Open it using PDFelement after installation is complete.

import irs form pdf

Step 2: At the top left of the form there is a box, to be filled with employer information. First of all, enter the Employer Identification Number. Enter the Name and Trade name on the next blank fields. The address related details should be entered on the next blank field. On the right side there is another box, here you have to check the type of return that applies to you.

Step 3: Start filling Part 1. On line 1a, enter the unemployment tax state abbreviation, if you pay for only one state. On line 1b, enter your multiple unemployment tax state abbreviation, if you pay for multiple states. Check the box on line2, only if you paid wages in a state that is subject to credit reduction.

fill form 940

Step 4: Start filling Part 2. On line 3, enter the total payments to all employees. On line 4, enter the payments exempt from FUTA tax. Check the appropriate options on line 4a, 4b, 4c, 4d and 4e. Enter the value of total payments made to each employee in excess of $7,000 on line 5. Add line 4 and 5, and enter the value on line 6. On line 7, subtract line 3 by line 6 to get total taxable FUTA wages. To get FUTA tax before adjustments on line 8, multiply line 7 with .006.

Step 5: To determine your adjustments, start filling Part 3. On line 9, if all of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by .054 and enter it. For line 10, enter the amount if some of the taxable FUTA wages you paid were excluded from state unemployment tax, or you paid any state unemployment tax late. Enter the total from Schedule A on line 11, if credit reduction applies. Start filling Part 4. On line 12, add line 8, 9, 10 and 11 to get total FUTA tax after adjustments. Enter the value of FUTA tax deposited for the year, including any overpayment applied from a prior year on line 13. Calculate the Balance due and enter it on line 14. Follow the instruction and calculate the Overpayment and enter it on line 15.

fill form 940

Step 6: Start filling Part 5. Line 16 has many subdivisions; enter the amount on 16a, 16b, 16c and 16d for 1st, 2nd, 3rd and 4th quarter respectively. Enter total tax liability for the year by adding line 16a, 16b, 16c and 16d to get the total on line 17. On Part 6 you have to answer to the given question and enter the details asked for. On Part 7, provide your signature, date and other details on this part. On the next part the preparer must provide his details. On the last part of the form, enter your Employer Identification Number and other details and then detach it, and mail it with your payment and IRS Form 940. .

fill form 940

More IRS Form 940 Instructions

  • If the due date matches Saturday, Sunday or any Legal holiday, the due date will be the very next working day.
  • EIN number is a prerequisite for filing electronic returns. If EIN is not given than return will be rejected and penalties may be imposed on you.
  • An incorrect EIN number on your form 940 will lead to process delay and may result in penalties levied onto you.
  • Your attorney or representative can also sign and file form 940 if appropriate power has been designated to him/her.
  • If you are an employer outside US than you can obtain an EIN by calling 267-941-1099(toll call). Employers living in states must not use phone to obtain an EIN.

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Margarete Cotty

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