A Schedule A (attached to a Form 940) is prepared when:

A. An employer pays wages of more than $7,000 per employee per year.
B. A paid preparer signs the Form 940.
C. An employer operates in more than one state.
D. Form 940 is electronically filed with a ten-digit PIN.

Question

17-05-2025
Business

High School

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A Schedule A (attached to a Form 940) is prepared when:

A. An employer pays wages of more than $7,000 per employee per year.
B. A paid preparer signs the Form 940.
C. An employer operates in more than one state.
D. Form 940 is electronically filed with a ten-digit PIN.

Answer :

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sakshiprajapati5001 sakshiprajapati5001 · Answer 1 · 2023-11-15T01:29:41-05:00

Final answer:

Schedule A attached to a Form 940 is required when an employer operates in more than one state. This schedule is related to the reporting of FUTA tax liability by state. The form is integral to how income taxes are handled for employers and their employees.

Explanation:

Schedule A (attached to a Form 940) is prepared when c. an employer operates in more than one state. The purpose of Schedule A (Form 940) is to report an employer's FUTA tax liability by state because different states have different credit reduction rates. It is part of the federal unemployment tax annual report. If you are an employer that operates in more than one state or you paid wages in a state that is subject to credit reduction, you are required to fill out Schedule A.

When an employer pays wages to an employee, it often includes withholding federal income taxes and reporting on forms such as the 1040EZ. The information reported on tax forms such as Federal income tax withheld from Form(s) W-2 and 1099, along with making work pay credit, as well as earned income credit (EIC), helps determine an individual's income tax liability. The income tax system is progressive, implying that not everyone pays the same amount of tax based on their earnings and tax rate schedules.

A Schedule A (attached to a Form 940) is prepared when:A. An employer pays wages of more than $7,000 per employee per year.B. A paid preparer signs the Form 940.C. An employer operates in more than one state.D. Form 940 is electronically filed with a ten-digit PIN.

Answer :

Final answer:

Explanation:

Other Questions

A Schedule A (attached to a Form 940) is prepared when:

A. An employer pays wages of more than $7,000 per employee per year.
B. A paid preparer signs the Form 940.
C. An employer operates in more than one state.
D. Form 940 is electronically filed with a ten-digit PIN.