Due soon! Federal Unemployment Tax Form 940

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This post was updated in April 2018

If you are an employer, one of your fastest approaching deadlines for this years tax season is January 31st, which is when several forms, including Form 940 or the FUTA, are due.  FUTA (Federal Unemployment Tax Act) tax is a payroll or employment tax paid solely by the employer based on each employee’s wages or salary.

While the standard FUTA rate is 6.0% on the first $7,000 of earnings per employee, employers generally receive a credit for state unemployment insurance taxes, reducing the FUTA rate for most employers to 0.6%. However, due to outstanding federal unemployment insurance loan balances, the Department of Labor announced that employers in several states will be subject to an increased FUTA tax rate in January 2015.  These states include California, Connecticut, Indiana, Kentucky, New York, North Carolina, Ohio and the Virgin Islands.

Any increased FUTA tax liability due to a credit reduction is incurred in the fourth quarter, and is therefore due by January 31 of the following year. Employers that pay wages subject to the unemployment tax laws of a credit reduction state must report any additional tax due when filing Form 940. See the Instructions for Form 940 for more information about the credit reduction and deposit rules. In addition, Form 940 Schedule A (Multi-State Employer and Credit Reduction Information) includes the credit reduction states, applicable reduction rates, and examples of how to calculate the total credit reduction.

To get Form 940 turned in under the wire, you can use PDFfiller as your secret weapon!  Click here to fill the FUTA form online quickly and professionally.  And while you’re at it, you can fill out the W2, which is also due on January 31, 2018.  Whatever you do, don’t delay, because the clock is ticking…



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