Video instructions and help with filling out and completing When 940 Schedule Reduction Rates
So let's get started and talk about the agenda of what we're going to talk about today so first we're going to start off with some food uh basics understanding who and what is subject to futa we're going to talk a little bit about the food and tax rate and some potential new legislation in regards to futa and then we're going to talk about some depositing requirements we're going to talk about the form 940 just some basics about 940 some current changes that you maybe see you perform 940 this year and then some common mistakes that sometimes happen with the 940 that you can avoid and we're going to talk about food and state unemployment and how those two work together and how it's important to understand both and how they interact and we're all kind of also going to understand some changes in sudha and keeping up to date on just you know different things that are going on in regards to food ax and soot attacks so let's get started who is subject to food attacks anybody that you are paying more in wages than 1500 dollars annually you should are subject to futa if you have one or more important employees for at least some part of a day in any 20 or more different weeks in the year then you would be subject to food attacks household employees if it's more than $1,000 a quarter would be subject to futa tax state and local government employers they are exempt from food uh so if you are a state or local government employer you would be exempt Indian tribal governments if you have any of those those would also be exempt and then any other tax exempt organization would also be exempt for agricultural employees ten or more employees and they have to make more than 20,000 and a calendar quarter they would also be applicable to futa tax so as you can see unless you are you know a government agency or an Indian tribal or tax-exempt organization you're going to find that most cases you are going to have to calculate through the taxes for your employees keep in mind food attacks is an employer tax it is not an employee tax there are some state unemployment taxes that you do actually withhold tax from the employee but for federal purposes Fuda is all an employer paid tax