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Video instructions and help with filling out and completing When 940 Schedule Return

Instructions and Help about When 940 Schedule Return

In this presentation, we will fill out the form for the employer's annual federal unemployment FUTA tax at 9:40. For more accounting information and accounting courses, visit our website at accountinginstruction.info. Before getting into the numbers for the 941 form, there are a few things we want to cover. One is to keep it separate from the form 940, as the numbers are closely related. Just because the number 940 comes before 941 numerically, it does not mean that 940 is the quarterly form and 941 is the yearly form. The 940 form is actually the annual summary form, while the 940 ones are the quarterly forms. Another common misconception is that the 940 recapitulates the information for the 940 ones, but this is not the case. The 940 forms give us data on a quarterly basis for payroll tax owed to the government, and the 940 at the end of the year serves as a recap of the entire year. The 940 ones have different federal payroll taxes than the form 940. The 940 ones cover Social Security, Medicare, and federal income tax, while the 940 at the end of the year only covers FUTA, which is relatively small. So, why is this the case? The reason for this is that the 940 aligns closer with how we file our individual income taxes. We make payments throughout the year, and report the calculation at the end of the year. The same applies to the 940 form. We make payments throughout the year, and report it one time at the end of the year. The 940 ones differ because they are larger in number, so the IRS wants more reporting and payment verification on a quarterly basis. The 940 ones have more reporting requirements because of their size, and the...