How to Fill out IRS Form 940 (FUTA Tax Return)

Learn, step-by-step, everything you need to do to file IRS Form 940. Have you paid federal unemployment taxes in the past year? Then you need to fill out IRS Form 940. This form must be filed by businesses with employees to report their obligations under the Federal Unemployment Tax Act-also known as FUTA. For our complete guide, visit: bit.ly/2Y7pBhA
Our video covers:
Who must file and filing deadline (0:14)
Providing basic business information (1:00)
Part 1: Indicating return type (2:02)
Part 2: Determining FUTA tax liability (3:57)
Part 3: FUTA tax adjustments (6:49)
Part 4: Adjustments to FUTA tax liability (7:36)
Part 5: FUTA tax liability by quarter (9:15)
Part 6: Third-party designee (9:39)
Part 7: Signing and dating the form (9:58)
Payment voucher (10:35)
Mailing address (10:45)
Using payroll software to file Form 940 (10:58)
For help filing Form 940, try Gusto Payroll: bit.ly/2ydOeJV
In this video, we provide a basic overview of how to fill out IRS Form 940. This video is not intended to provide legal advice or to form a professional relationship. We suggest contacting a business lawyer for advice specific to your circumstances.
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[@Alex-hj2jd]

FUTA huh? Sounds interesting. I'm gonna look it up.

[@killertruth186]

I am sure that the politicians clearly haven't thought the name through.

[@corrineogdee4602]

The detailed explanation/walk through was excellent.

[@cayleypoggensee7009]

Super helpful and the video was very well done. Thank you.

[@maureenbrogan5353]

So for the people who contribute to 401k pre tax, I would use adjusted gross income, correct?

[@bounmeeyang8854]

NO VIDEO ON 940 FORMS HAVE ANY EMPLOYEES WHO MADE UNDER $7,00.00; SO IF SOMEONE MAKE $6,000.00 WILL THEIR GROSS BE INCLUDED IN THE FUTA? NO VIDEO ON UA-cam DISCUSS ABOUT THIS. SMH.

[@QueenUnChained]

I am also wondering about this, if an employee falls below the $7000 are their wages excluded?

[@brlracerla]

@@QueenUnChained did you ever get an answer on this question cause i have the same question help im lost lol

[@Merlegirl61571]

FUTA tax rate: The FUTA tax rate is 6.0%. The tax applies to the first $7,000 you paid to each employee as wages during the year. PER the IRS 1/2023

[@spectrumproducts1715]

Great explanation. Easy to follow. Thanks for posting!

[@Ieiwhendoeosheebwuaia]

Futa is nice

[@KelleyTillapaugh]

Need a video about schedule A

[@christinebrownell2491]

Thank you for explaining this so well.

[@RetireCertain]

Just what I needed. Thanks!

[@MrFwt]

Hi, if a parent is hiring a child under 16 year old where FUTA is exempt, how do you fill / file this form ??

[@thafirstorganizationinc.1618]

Hi, I had a quick question. What if I did not pay any wages? What should I fill out and or skip in the form?

[@poormanrentacar268]

940 is only required if you paid $1500 or more in any calendar quarter so I do not believe that you need to file it but check with the IRS to be safe

[@EditaRodriguez]

Thanks

[@nakia4230]

Sorry im very confused on how to calculate line 5. Can you explain it a little more. I'm doing this for homework. how do you find the taxable wage. because for my question they just say "paid 24 employes a total of $714,445.67. ???

[@mdtarikul1109]

good

[@luckydog-287]

Thank you! Great stuff!

[@crashx7]

Thanks I needed this!

[@enylopez5053]

For line 3, if the problem had a semimonthly payroll, would you multiply them that wage by 24 and then add up all the employees or would you just add without multiplying?

[@brlracerla]

Im confused on line 5 can someone please help me

[@carrieharris1910]

This is the best tutorial and explanation. Your voice, cadence, and line by detail sall made the process so much easier. Thank you,

[@madihamubasher5271]

i also need some guidance i want to know all these forms are submitted in hard from or are
these forms submitted electronically ? please assist

[@sonsautomotive]

thanks!!!!

[@frankingram3477]

Excellent!

[@waynecoleman7022]

great info

[@imthegoogleimthegoogle163]

Do I have to pay FUTA taxes in WA State if I have an LLC (run as S-Corp) and the only employee I have is MY SELF?

[@FunderaLedger]

Good question! You do have to pay FUTA tax because the owner of an S-Corp must receive a wage from the company, and all wages are subject to FUTA tax. You can read more about it here: smallbusiness.chron.com/futa-return-required-owner-s-corporation-46988.html

[@nieceyprettysmile2197]

I got a question I work for a security company through a private company and they are llc license base should they be taking that out my check along with the state unemployment tax I’m confused

[@ImDatBish]

Thanks!

[@francissylva9323]

if the state unemployment is low, you pay a huge amount of FUTA?

[@francissylva9323]

why do you skim over that?

[@FunderaLedger]

@@francissylva9323 generally speaking, if unemployment is low, you pay more in FUTA tax.

[@rolandorivera2401]

Fundera why?

[@iluvpink2009]

Can you file this online?

[@DANBOY89GYM]

Yes I'm currently doing mine, today is the deadline and this is my first time.

[@FunderaLedger]

Yes! For more information visit: www.irs.gov/businesses/e-file-employment-tax-forms