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Answer :
Form 940 (FUTA Tax Return) form should be filled out by following the below steps:
- Identify the taxable year
- Employer Information
- Total Federal Unemployment Wages
- State Unemployment Insurance Taxes
- FUTA Tax Due
- Signature and Date
FUTA tax is a federal tax imposed on employers to fund state unemployment insurance programs, which provide financial assistance to workers who have lost their jobs. In this guide, we will go over the steps on how to fill out Form 940.
Identify the taxable year: The taxable year is the calendar year for which you are reporting and paying the futa tax.
Employer Information: Fill out the employer's name, address, and Employer Identification Number (EIN).
Total Federal Unemployment Wages: Enter the total amount of wages paid to all employees during the taxable year that are subject to futa tax.
Adjustments to Total Federal Unemployment Wages: If you made any adjustments to your total federal unemployment wages, enter the amount in this section.
Total FUTA Taxable Wages: Subtract the adjustments from the total federal unemployment wages to arrive at the total FUTA taxable wages.
State Unemployment Insurance Taxes: Enter the total amount of state unemployment insurance taxes paid during the taxable year.
FUTA Tax Due: Subtract the state unemployment insurance taxes paid from the total futa tax owed to arrive at the FUTA tax due.
Signature and Date: The form must be signed and dated by an authorized individual, such as an owner or officer of the company.
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