FUTA Report
The FUTA form refers to Form 940, which is the Employer's Annual Federal Unemployment (FUTA) Tax Return. It is used by employers to report their annual federal unemployment tax liability. FUTA tax is used to fund unemployment benefits for workers who have lost their jobs.
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 FUTA detail report
1. Open Connect Payroll > Reports > FUTA Report.
2. Use the Title menu to select the report definition.
3. Use the section titled Report Dates to select the report date range.
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 detail report prints.
Printing the FUTA form
1. Open Connect Payroll > Reports > FUTA Report.
2. Use the Title menu to select the report definition.
3. Use the section titled Report Dates to select the report date range.
4. Click to select the checkbox titled Form.
5. Click Print (CTRL+P).
The form prints.
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