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

Instructions and Help about Who 940 Schedule R Form

Welcome back to another video for harbor financial online.com today i'm going to be talking about the 9:40 form instructions i'm gonna show you guys if you need to fill out this form in a powder form so the 940 it's used to report your annual federal unemployment tax known as fue de the purpose of the few in attacks is to provide funds for pain unemployment compensation to workers that have lost their jobs employers pay futa tax and don't deduct this tax from their employees wages you have to file the 940 form if in a calendar year you paid wages of 1500 or more so if you're under this 1500 threshold you don't have to file the form 940 at our site Harbor financial online.com you can use an online calculator to estimate what your taxes are gonna be and this is a great free tool that we offer at our site that you may want to check out after the video now the rules for the 940 are different based on your situation and the number of employees you may have some of these special situations can include household employees in a private home employees at a local college fraternity or sorority cash wages paid to farm workers Indian tribal governments tax-exempt organizations in employment employers of state and local government employees those are the special situations where that 940 rules are a little bit different even though form 940 covers a calendar year you may have to deposit your Fiat attacks before you file your tax return so keep that in mind you're gonna have to file this form I guess what I want to touch on here is you're gonna have to deposit at least one quarterly payment if you're a few to taxes more than 500 for the year so you have to make at least a deposit and 1/4 if you're a few to taxes more than 500 for the year make sure you pay your tax when it's due and file the completed 940 with accuracy - and make sure it's sent in on time there are penalties and interest so it's very important that this is sent in and postmarked on the right date buta puts a 6.2 tax on the employer for the first seven thousand of gross earnings of each worker per year so it's a 6.2 tax percent tax once the seven thousand amount is reached done the employer no longer pays any federal unemployment tax for that worker so once you get up to the seven thousand then you do not have to pay any more on that employer on that employee remember that the only the only thing the employer pays is the federal unemployment taxes and it is not paid by the employee or taken out of their check the employer is paying this paying this amount the employee does not pay any of it peuta is separate from federal income tax Social Security and Medicare taxes so this is a separate tax that really has nothing to do with those on our site Harbor Financial online you can view the form 940 I'm gonna take you to the 940 right now and then I'll show you the site as well so let me bring that up for us this is the 940 you can do this form completely online electronic so that's how I'm gonna recommend up but I'm gonna go through the form ok just so you guys can see it firsthand so at the top here's where you put your EIN number your name make sure not your trade name that's this is gonna be your actual name your business name if you have a business name part one I'm just gonna read it to you guys if you're required to pay state unemployment tax you can put put those amounts in here the state the state abbreviations gonna go on box one egg per two total payments to all employees part four payments exempt from few attacks so that this is some of the special situations that I was talking about we're gonna have amounts that are exempt here's any amounts over that seven thousand it's like we said once you pay the seven thousand then you're no longer required to pay the unemployment the futa tax it's actually a pretty easy form but I recommend doing this I'll I'm just prevent any errors due to the penalties so here's our site Harbor Financial online.com this is a great site for learning more about tax and all the credits that are out there and to use our online estimate calculator you can prepare the return directly online here and this is the I recommend this over filing by paper like I said just to eliminate errors and speed up the process of your return so I appreciate you watching the video we have plenty of other videos at YouTube you can just do a search of harbor financial I'm calm we have over over a hundred videos right now we cover all areas of tax we're constantly updating videos adding new videos as tax laws change and inform all of you out there so thank you and I hope you watch my future videos.

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