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The 940 - Properly Calculating and Paying Your FUTA Tax
- Purpose of form 940
- New for 2024
- Reminders
- Expenses, reimbursements and fringe benefits
- Outsourcing responisibilites
- Disregarded entities, and more
- Who must file
- Due dates and deposit deadlines
- Basic computations
- Form 940, part by part
- Info for YOUR business
- FUTA tax before adjustments
- Adjustments and the line 10 worksheet
- Total adjusted FUTA tax
- Quarterly information
- 3rd party designee VIII
- Sch A: Credit reduction state calculations
- SUTA overview
- States with an additional employee withholding
- What is considered when calculating SUTA rates for employers (experience rating)
- Multistate determinations: which state to pay your suta for employees who work in more than one state
- Sample completed W4 with computations and schedules
Overview of the webinar
The 940 calculates your total FUTA (Federal Unemployment Tax) owed for a calendar year. FUTA is a tax paid to the federal government, and used to support state unemployment insurance programs. It is due on Jan 31st of each calendar year.
FUTA is not to be confused with SUTA (State Unemployment Tax) ,paid throughout the year to any state you have employees in. However, SUTA payments paid on time minimize your FUTA tax, which is usually set at 0.6% up to $7000 paid to each employee, regardless of the state the employee performs work in.
There are reasons that an employer’s FUTA may exceed 0.6% In addition to paying SUTA late. Failure to make FUTA deposits on time, or credit reductions taken by certain states, can result in more FUTA tax owed.
Because of this, and other information required to complete the form 940, employers can find it confusing to complete. So Join Mark Schwartz in this informative webinar. In addition to all the information and calculations necessary for the 940, you will learn how to determine that your SUTA tax is calculated and paid correctly. You will follow your SUTA information to the appropriate sections of Form 940 – for a better understanding of how it affects FUTA liability.
Who should attend?
- Payroll Staff and Management
- HR Staff who deal with unemployment issues
- Personnel Managers
- Financial Staff for payroll matters
Why should you attend?
- Know what SUTA and FUTA are, their similarities and differences
- Properly calculate SUTA and FUTA
- Know deposit requirements
- Explain what the 940 is, and what information and calculations are involved
- Determine where to pay SUTA for multistate workers
- Explain how paying SUTA on time minimizes FUTA
- Train your hiring, payroll and HR workforce on this matter
Faculty - Mr.Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits. Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board.