Get IRS Instructions 940 2022-2024

Employers who've paid $1,500 or more to any W-2 employee OR had at least 1 employee for 20 or more weeks of the year must file Form 940.

All employers, including employers in Puerto Rico and the U.S. Virgin Islands, have the option to file new Form 940 (sp) for tax year 2023. Form 940-PR is no longer available to file for tax years beginning after December 31, 2022. Electronically filing an amended Form 940.

Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax.

Form 940 reports FUTA taxes, while Form 941 reports income tax, Social Security tax, and Medicare tax withholdings. Additionally, Form 940 is filed annually, while Form 941 is filed quarterly. Another difference is the deadline for filing these forms.

Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax.

Generally, employers are required to file Forms 941 quarterly. However, some small employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less for the year) may file Form 944 annually instead of Forms 941.

Form 940 is used to report federal unemployment taxes, while Form 941 is used to report Medicare, Social Security, and federal income tax withholding. Generally speaking, Form 940 is due every January 31st, while Form 941 is due one month after the end of each quarter.

Employers use Form 941 to: Report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks. Pay the employer's portion of Social Security or Medicare tax.