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940 2024 Form: What You Should Know
This form shows you your total federal income tax that year, minus any net benefits you may have to report as exemptions. Please see “Tax Basics” below for more information on the U.S. federal tax forms. IRS Form 940 — IRS 2018 Nov 23, 2018—The following are IRS Form: “2018 Form 940” is a comprehensive annual financial report for an individual taxpayer covering most of the year for 2018. For more information, please refer to the 2024 Form 4937. IRS Form 940 for 2018: “Individual Income Tax for 2018” provides information on tax withheld from an individual taxpayer's wages, federal income taxes withheld during the year from paychecks received by an individual taxpayer, income tax withheld during the year from self-employment income of an individual taxpayer, and other income tax information for an individual taxpayer in the 2024 tax year. The “Annual Federal Unemployment (FTA) Tax Return” is Form 940 and is due by mail on any tax day. Form 940 is used to: • Establish the amount due on a pay stub issued to an individual. • Establish income eligibility for tax credits, deductions, exemptions, and interest on tax-exempt unearned income. • Establish a tax liability. • Report benefits from Supplemental Security Income (SSI) and other social security taxes on Form 940-EZ. To report non-taxable self-employment income, such as profit from the sale of inventory from home and business, self-employment income from rental property, and other types of non-taxable self-employment income, you must complete Form 940-SEX, Social Security and Employment Tax Return. To report non-taxable wages from non-covered employment, you must complete Form 940-N. • For an individual taxpayer, to figure the amount of income that is subject to the federal income tax. To figure and report income on a federal tax return, you must complete a Form 1040 or Form 1040A with the correct information. • For an employer who issues payroll slips, to determine the amount of withholding from his or her employee's wages. • To correct any tax-exempt unearned income on Form 940 or Form 945, or Form 940-EZ. • To establish eligibility for, and/or deny credit for, any tax credits.
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