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

Instructions and Help about Can 940 Schedule R Form

Oh so that the 9:40 we talked about these taxes I think that means before the butyl part of it but this is the tax form it is victory if the state ones are remitted on a quarterly basis if you have the payments for federal perfu to are submitted on a quarterly basis if you all over $500 otherwise they do not submit that affects the bad part that affects page two if they sent any money in ahead of time they have odds at more limit there so that a lot of small employers will just submit their viuda at the time that they complete that 944 and that's what we're going to get all right so you have basically four when you do this you have the ein number is going to go in across the top so we're going to have that and they give you that all the time but then for the type of reform for the most part we don't have to worry about those you're going to have just a traditional one so you won't have to check box a B C or D those will be unique ones where the business was ending or changing or something you have your name that's going to go in here up so you fill in the name it's using a fun mercury attempted in the address as you go through all right then if you pee unemployment or you pay state unemployment in only one state you enter it here so in your problem they're going to tell you what that might be and actually in the problem five its Rhode Island my example that I have worked up this justice pretender in this example I have it's for Wisconsin so we're going to do i wisconsin one this was actually information i used in my capstone class to review all these forms because they have to do a lot with payroll all right if you have multiple states you check there if you paid in a chip c subject to the credit reduction we talked about some of that what we did when we had chapter by they went through that reduction parts you have to go back and check yep Rhode Island in your problem is a credit reduction Wisconsin used to be but by now by 2021 ready they were done they had paid it back and that was when the state borrowed money just kind of as a reminder the state's borrowed money from the federal government because they had they they had used up all the dollars they had available out of their state unemployment to pay out unemployment claims so that recession time really hit hard on a lot of states and they ran they actually ran out of money to pay to pay unemployment I remember like it was a pretty big deal but unemployment was extended to the retiree fund and all of that and some of that came from the federal alright one of the things here then you have total payments so this is gross wages so this is everything is going to go on line three this is everything so it's not about taxable it's everything so you would always pick up your your total bill so I'm going to on the side here I'm going to just make some notations for you and so in my example I have gross wages of two hundred ninety three thousand nine hundred seventy two dollars that's my growth there's a couple other things that happen and I don't necessarily know if these problems have it or not but I'm just going to put this out here oh that wasn't what I wanted they have they have 401 K so this was gross I also have 401 K in my example and my 401 K and these are all annual numbers that 401 K was twenty four thousand and twenty twenty four thousand twenty-eight dollars I also have in my example where there was flex spending like a flex benefit and that was 3,600 for the year so I made this problem up from another quest all right and there was four employees so there's and is something to remember so I have four employees and everybody by the end of the year was over the over the limit with over the 7000 limit so that kind of gives you the background there all right so the total payments go on the gross line so that will call the heirs we would put two hundred ninety three thousand nine hundred and seventy two dollars here now part of this is it's kind of working it's it's like the nine twenty one because it's easier to work backwards again because down here it says sum total these parts here but if you look down on seven it says total taxable few two wages so it's line three - line six line is you know equals seven but like three is or six is a total of everything in the middle here and the easiest thing to do again is quick this number in then stop and then go down to line seven again and say okay how many employees do I have ahead pour they all went over the limit yeah it's four and then I go here protects well I take my for employees or what number went over the limit and I take that time sets seven thousand dollars so I know that I want line twenty line seven to be twenty thousand mmm all right now again I work back up all right so if I want taxable nine seven which was my three - sis I want that to be 28,000 now I come back and I work in line six I say ok ticket for this line if I have if I want that on seven I take my 293 972.

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