Form 940 Worksheet

The Form 940 Worksheet displays data that you need to fill out the Internal Revenue Service Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return.

You must file Form 940 with the IRS annually with your payment of federal unemployment tax. Many firms pay FUTA tax quarterly, so the worksheet also calculates the quarterly amount.

FUTA Contribution

Vantagepoint calculates your firm's FUTA contribution by applying the current FUTA percentage to each employee’s gross wages, subject to the annual wage base. You specify both the FUTA percentage and the annual wage base on the Options tab.

How To Use this Worksheet

Use the data on the worksheet's summary page to fill in the appropriate spaces on Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return:

Worksheet summary page	Federal Form 940
Total payments for services of employees	Part I, Line 1
Exempt payments	Part I, Line 2
Payments for services of more than <wage base>	Part I, Line 3
Total exempt wages	Part I, Line 4
Total taxable wages	Part I, Line 5
Gross FUTA tax (@ __%)	Part II, Line 1

Multiple Companies

If you use multiple companies, this report may contain employee data for one or more companies that are associated with the employee.