From the course: Business Tax Foundations

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The 940 form

The 940 form

From the course: Business Tax Foundations

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The 940 form

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- [Instructor] In addition to all of the other tax liability forms you send out, you also have to pay FUTA taxes, federal unemployment taxes. This is done through the form 940 filing. You pay a deposit for these taxes quarterly, but at the end of the year you're going to have to file your form 940 and that reconciles all of your quarterly deposits with your liability. Let's walk through a 940 filing, shall we? So this is the 940 for 2017. It's updated every year, but again, it's pretty consistent from year to year. So there's nothing earth shattering that should change in most cases. At the top you're going to fill in your identification number, your EIN number, your name, and your address. From there, you'll then come down and fill in the information about this particular return. Now in most cases, the first line that you're going to care about here is line three, total payments to all employees. Okay? So you need to figure out the total wages you've paid out to everybody throughout…

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