From the course: Business Tax Foundations

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Filing FUTA: The little quarterly hit

Filing FUTA: The little quarterly hit

From the course: Business Tax Foundations

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Filing FUTA: The little quarterly hit

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- [Instructor] FUTA is the federal parallel to SUTA. The IRS has a specific test for who has to pay FUTA, but in brief, if you have regular employees for a non-farming business, you need to pay. The FUTA filing is annual, but you have to make a quarterly deposit through EFTPS. Let me show you how to do that. So I've logged into the EFTPS site. Once we've logged in, we want to select our most common form. This is going to be a Form 940, the Employers Annual Unemployment Tax, all right. Notice, we're just lacking the F in FUTA here. Now, we want to make a federal tax deposit. At the end of the year, we have to file the FUTA form, but in our particular case, we're simply going to make the federal tax deposit right now. So we click that and click Next. And it wants to know how much we're going to pay. So I'll simply say that we're going to pay $1,234.56. And this is for 2018. And let's say that our settlement date is the end of the month. Now from here we're going to make sure that we…

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