Form 940 2025

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The document provides instructions for completing Schedule A (Form 940) for 2020, which is used by multi-state employers to report state unemployment tax payments and calculate any credit reductions. It outlines the process for indicating states where unemployment taxes were paid, calculating FUTA taxable wages, and determining the total credit reduction amount, particularly focusing on the U.S. Virgin Islands as a credit reduction state.

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Begin by entering your Employer Identification Number (EIN) and your name (not your trade name).
Place an 'X' in the box for every state where you paid state unemployment taxes this year, including the U.S. Virgin Islands.
In the FUTA Taxable Wages box, enter the total wages subject to FUTA tax, excluding any exempt wages.
For states with a credit reduction, enter the reduction rate and calculate the credit reduction amount by multiplying it with FUTA taxable wages.
Add all amounts from the Credit Reduction boxes to find the Total Credit Reduction and enter this on Form 940, line 11.
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2023	2.9 Satisfied (88 Votes)
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2021	4.8 Satisfied (160 Votes)
2020	3.9 Satisfied (49 Votes)
2019	4.3 Satisfied (134 Votes)
2018	4 Satisfied (65 Votes)
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When should form 940 be filed?

When to file? The due date for filing the Form 940 is January 31. However, if you deposited all FUTA tax when due, you have until February 10 to file. If the due date for filing a return falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day.

What is a form 941 used for?

Employers use Form 941 to: Report federal income, social security, and Medicare taxes withheld from employees paychecks, and. Report the employers share of social security and Medicare taxes.

Do I file form 940 quarterly?

Your 940 tax form is due at the end of January, following the year wages were paid. For 2024, the Form 940 due date is January 31, 2025. This form is filed annually, even though tax payments may have to be made quarterly.

What does 940 stand for?

Form 940, Employers Annual Federal Unemployment (FUTA) Tax Return, is a form employers must file annually with the IRS.

What is the difference between form 940 and 941?

Form 940 is used to report FUTA taxes, while Form 941 is used to report federal income tax withheld, Social Security, and Medicare tax withholding.

fillable form 940

Form 940 and 941 Form 940 instructions Form 940 Schedule A Form 940 download Form 940 pdf Form 941 IRS Form 944 Form 943

What is form 940 for?

Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax.

Are 940 and 941 the same?

Form 941 is a common question that many business owners have, and in this article, we explained how they are different. Form 940 is used for filing FUTA tax while Form 941 is for reporting withheld federal income taxes and employers contributions to Medicare and Social Security Tax.