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Video instructions and help with filling out and completing Are 940 Schedule R Form

Instructions and Help about Are 940 Schedule R Form

In this presentation, we will take a look at Form 940, which is the employer's annual federal unemployment or FUTA tax return. For more accounting information and accounting courses, visit our website at accountinginstruction.info. Here's an example of the form, which comes from the IRS website that you can find at irs.gov. We also have the Form 1040 for 2017, which includes similar information at the top as the Form 941. However, the Form 940 is a yearly return, unlike the quarterly return of the Form 941. The Form 940 includes amendments and special circumstances. It is important to remember that the Form 941 is for quarterly returns, while the Form 940 is for yearly returns. Although they may sound similar, they are not related in many different ways. The Form 940 is for reporting main taxes, such as federal income tax, Social Security, and Medicare. On the other hand, the Form 940 reports the FUTA tax, which is a smaller tax. The IRS only requires the Form 940 to be reported at the end of the year, while the main taxes are reported quarterly. The Form 940 is similar to personal taxes, such as the Form 1040 that we file at the end of the year. In Part 1 of the Form 940, we have to select a state if we had to pay state unemployment tax. This is because the FUTA tax rate is lower if you paid state unemployment tax. If you paid state unemployment tax in more than one state, you still have to pay the FUTA tax at the lower rate. The Form 940 also asks if you paid wages in a state that is subject to credit reduction. Next, we have to fill in the total payments to all employees, which will come from...