940 Report
The Form 940, also known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, is a report filed by employers in the United States to report their annual federal unemployment tax liability. FUTA tax is used to fund unemployment benefits for workers who have lost their jobs.
The Form 940 is used to report the amount of FUTA tax owed by the employer for the year, as well as any FUTA tax payments made during the year. Employers must file Form 940 annually, typically by January 31 of the following year, to report their FUTA tax liability for the previous calendar year.
The Form 940 report includes information about the employer, such as their name, address, and employer identification number (EIN), as well as details about their payroll and FUTA tax liability. The report helps the Internal Revenue Service (IRS) track and collect FUTA taxes from employers to fund the federal unemployment insurance program.
Printing the 940 detail report
First, the form calculates the employer's federal unemployment tax liability, then adjusts for any state unemployment taxes paid. Second, the form calculates the unemployment tax due. Third, the form compares the unemployment tax due for the year to the tax already paid.
Use the 940 Report to print wages in the 940 and 940-EZ forms, 940 report, or print to a custom form.
Do this...
1. Open Connect Payroll > Reports > 940 Report.
2. Select a report title.
3. Enter the Report Dates.
4. Click to select the checkbox titled Print Detail Report.
The detail report prints this information for each employee: Social Security Number, Total Wages and Allowances, Not Subject Amount, Amount Over Limit, and Taxable Amount. Use the detail report to check the employee information that will print on the report.
5. Click Print (CTRL+P).
The 940 detail report prints.
Printing the 940 form
1. Open Connect Payroll > Reports > 940 Report.
2. Select a report title.
3. Enter the Report Dates.
4. Click to select the checkbox titled Print Form.
5. Load the 940 forms in the printer.
6. Click Print (CTRL+P).
The 940 forms print.
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