Payroll Software That Prepares IRS Form 940
Payroll Mate 2027 — ultimate payroll preparation and check printing software — $239 only!
Payroll Mate prepares Form 940 for you. Every payroll check created during the year is automatically included on the form.
Form 940 Window
How to Open Form 940 in Payroll Mate
- Click Forms in the navigation pane on the left side of the Payroll Mate window.
- Click the 940 shortcut to open the Form 940 window.
What Is Form 940?
- Form 940 is used to report the annual Federal Unemployment Tax (FUTA).
- Together with state unemployment tax, FUTA tax funds unemployment compensation for workers who have lost their jobs.
- FUTA tax applies to the first $7,000 paid to each employee during the calendar year, after subtracting any exempt payments.
- FUTA tax is paid by employers only. It is not withheld from employees’ wages.
- Although Form 940 covers a calendar year, you may have to deposit FUTA tax before you file the return. If your FUTA tax is more than $500 for the year, you must deposit at least one quarterly payment.
- For more information, see the IRS Instructions for Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return.
Prepare and print Form 940 with Payroll Mate
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