Keyword Analysis & Research: filling out a form 940

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Frequently Asked Questions

What is the penalty for failing to file Form 940?

Penalties for violation: Employers who file their 940 late are subject to a Failure to File penalty. If a deposit is made late, or not at all, a penalty between 2% to 15% of the amount of tax due will also be assessed.

What is Form 940 used for and when must it be filed?

IRS Form 940, the Federal Unemployment Tax Return, is required annually. The filing date is January 31st of the following year. The business must make quarterly payments of FUTA tax once the amount due exceeds $500 in any given calendar quarter.

What is Form 940 and why must you file it?

Each year, every business with employees must file Form 940 to compute the amount of unemployment tax that must be paid on the federal level. This payroll tax is based on the first $7,000 of wages of each employee (including owners of S corporations who receive a salary for work performed for their businesses).

When must you file Form 940?

Form 940 is due by January 31 of each year. If January 31 falls on a weekend or government holiday, it is due the following business day. However, you have until February 12 to file Form 940 if you made your FUTA tax deposits on time.

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