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

Instructions and Help about What 940 Schedule R Form

If you were to talk about the 4940 this is the form that we do for food up and it is an annual form we do this form once a year when we talked about food we talked about how we had to calculate it every quarter and possibly pay a deposit if it was we owed more than $500 we had to pay that in a deposit quarterly and generally it's better even if you own less than 500 to just go ahead and make those deposits quarterly of what you owe the filing of the actual form however is done only once per year is due by the end of January and so the following year all right so let's take a look at this we have up here the employer ID number and you would be plugging that in Oh once again if you're already signed up as an employer with the IRS they would have this already available with your name and address etc already on it Hey ah but if you were using a blank form you would put the employer ID number in if this trade name business is if your Jane Doe and you have a business called ABC company this name means Jane Doe not the ABC company not the name of the company then the trade name would be the name of the company okay now if it's an incorporated company then it would be the name of the company up here under name okay that's just if you're a sole proprietor then the sole proprietors name would go under name and the company name would go under trade name and you've got the company's address and foreign information if it's foreign over to the right you have some boxes to put in if this is an amended return meaning you already filed the 940 submitted it and then found that there was an error of some kind and you needed a fixed one that is an amended return and you would check that box successor employer means that this company had employees was going along and then the company got sold to somebody else but to somebody else is still running the company like it was with the same employees and so they act a successor employer who just stepped in the shoes is continuing to play the employees they were already being paid letter C is no payments to employees in 2022 so the whole year went by and you didn't pay any maybe you did in 2022 and that's why you have a pre-printed name form but if you plan never giving employees again you need to let the IRS know that you need to tell them that you're all done and do a final thing which is letter D final business quotes or stop paying wages on a more or less permanent basis then you would check D and then they would know not to send you these forms until you let them know that there's the final one you need to keep filing this form even if there are no payments and so you would if you think you're going to have employees in 2022 you would check the box on C and that would just show that there's no payments you put a couple zeros on this form and and go on okay they tell us to leave any lines blank if it doesn't apply to us 1a and 1b deal with what states that you have Sudha do if you already have one location employees in one state you're only paying one state Sudha then you would use line 1a and you would put the letters for that state so if you were only in South Carolina you would put an S and a see up there in line 1a for South Carolina if your company is such that there's multiple different states that you have to pay unemployment taxes to then you would put a checkmark in line 1b you would have to go to schedule a of form 940 and it has a bunch of boxes for all the different states and you would check off all the boxes of all the states that apply line two of you paid wages in a state that is subject to credit reduction currently South Carolina is not subject to credit reduction so you would leave that blank and I don't think you need to do that for Pennsylvania for your project either I believe Pennsylvania your project is just one state which is Pennsylvania so you would have PA up in line 1a part to determine your food attacks before jawsman hey line three total payments to all employees so this is your this is your gross wages goes in line 3 line for payments exempt from food attacks and there's different ones that might apply fringe benefits group term life insurance retirement pension dependent care and other so your for your project this would include anything that came out for the retirement IRA simple account I think it was or a SAP or a 401k any of those our retirement slash pension that might have come out of then withheld from the employees checks and put into one of those kind of retirement accounts and you do not have to pay futa tax on those amounts and so you would check box for C and put the total amount that went that came out for simple in line four there's various other reasons you may have things that come out of the employees checks that don't have to have food on them line five total of payments made to each employee in excess of seven thousand so here's where you have to see on each employee how much total wages do they have that's above the seven thousand and so you would take it you have an employee that made twenty seven.

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