Form 940

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Form 940

A form a company files with the IRS to pay unemployment insurance taxes on its employees. Many employers file this form annually, though some are required to do so more frequently. See also: Federal Unemployment Tax Act.
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Payroll service provider (PSP): A PSP prepares the paychecks for the client; prepares Forms 940, Employers Annual Federal Unemployment (FUTA) Tax Return, and 941, Employer's Quarterly Federal Tax Return, using the client's employer identification number (EIN), and has them signed by the client; makes federal tax deposits; and/or prepares the Forms W-2, Wage and Tax Statement, for the client's employees, using the client's EIN.
In addition to personal income tax returns, most frequently used forms can be e-filed, including Forms 940 and 941 for employers, Form 1065 for partnerships, Form 1041 for estates and trusts, Forms 1120, 1120S, and 1120-POL for corporations, and Forms 990, 990-EZ, and 990-PF for exempt organizations.
In February 2004 the 1120 and 1120S returns with 53 forms and schedules and the 990 series--corporate income returns and nonprofit informational returns, respectively--joined an array of common forms already available for electronic filing, including employment taxes (forms 940 and 941), partnership returns (form 1065) and estates and trusts (form 1041).
Preparing payroll tax forms, including Forms 940, 941, and W-2;
Available in Standard, Professional or Enterprise editions, the W-2 Generator prints all W-2 forms (including W-2c) plus Forms 940, 940EZ, 941 and 943.
- Prints Tax Forms 940, 941, W2 and W3 (Please note: Copy A required for W2 and W3 forms)
If a company wants to retain its employer identification number (EIN) used for filing federal employment tax returns (e.g., Forms 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, and 941, Employer's Quarterly Federal Tax Return), or for filing its income tax return, care must be exercised to understand how the reorganization affects the EIN.
The projected filings of Forms 940 and 941 comprise the bulk of employment tax return volume.
- Prints Tax Forms 940, 941, W2 and W3 (Copy A required for W2 and W3 forms)