What is Form 940?
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Last modified 10/5/2023 7:38:59 AM EST |
Added by TaxBandits Team
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.
The FUTA tax applies to the first $7,000 you pay to each employee during a calendar year after subtracting any payments exempt from the FUTA tax.