What is Form 940?
3.3k views | Last modified 5/25/2020 8:07:53 AM EST

Applicable To
94X 1099 W-2 ACA W-4

Form 940 is used by employers to file their Annual Federal Unemployment (FUTA) Tax for every year. If you have employees, you must report and pay unemployment taxes. 
 
The FUTA tax applies to the first $7,000 you pay to each employee during a calendar year after subtracting any payments exempt from FUTA tax.
 
FUTA tax must not be deducted from employees' wages.
 

Was this helpful? Yes No

Sign Up for a
FREE TaxBandits Account!

Register Now

Returning User? Sign in

Couldn't find what you
are looking for?

Contact Us

(704) 684-4751 support@taxbandits.com