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Get Irs 940 2015
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How to fill out the IRS 940 online
The IRS 940 form is essential for employers to report and pay federal unemployment tax (FUTA) annually. This guide provides a clear, step-by-step approach to completing the form online, ensuring you meet all necessary requirements.
Follow the steps to successfully complete the IRS 940 online.
- Click the ‘Get Form’ button to obtain the IRS 940 form and access it in your online editor.
- Enter your employer identification number (EIN) in the designated field at the top of the form.
- Indicate the type of return by checking the appropriate boxes for 'Amended,' 'Successor employer,' 'No payments to employees in 2015,' or 'Final: Business closed or stopped paying wages.'
- Provide your business name (not your trade name), address, city, state, and ZIP code in the required fields.
- In Part 1, report details about your state unemployment tax payments, where applicable, by filling out lines 1a and 1b according to your situation.
- Complete Part 2 by listing total payments to all employees, exempt payments, and determining your total taxable FUTA wages. Follow the calculations specified in the form.
- Calculate your FUTA tax before adjustments in Part 3 by following instructions related to line accumulation.
- Move to Part 4 and finalize your FUTA tax determination and any balance due or overpayment. Make sure to review your calculations carefully.
- If applicable, complete Part 5 to report your FUTA tax liability by quarter only if your calculations indicate an amount over $500.
- If you require a third-party designee to discuss your return with the IRS, specify their details in Part 6.
- Sign and date the form in Part 7, certifying the accuracy of the information provided.
- After filling out the form, make sure to save any changes, download a copy for your records, and print it if necessary before submission.
Complete your IRS 940 form online today to ensure compliance and timely payment.
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FUTA tax is typically set at 6.0% of the first $7,000 in wages per employee, resulting in a maximum tax of $420 per employee. However, if you receive credits for state unemployment taxes, the effective rate may decrease, potentially lowering your tax burden. Be sure to correctly calculate your liability on IRS 940 to maximize credits.
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