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.
- Related Topics:
- Form 940 Worksheet Groups Tab
Use the Groups tab to organize and group data on the report. - Form 940 Worksheet Options Tab
The Options tab gives you additional control over the data displayed on the Form 940 Worksheet report. - Form 940 Worksheet Layout Tab
Use the Layout tab of an individual report to choose document formatting properties, fonts, default field formats and other overall properties for reports. You can select defaults for many of the fields via My Preferences. - Columns for the Form 940 Worksheet
The Form 940 Worksheet contains a standard set of columns. You cannot select columns for this report. The header area of the Form 940 Worksheet displays the W-2 year and quarter for which you generate the report. The body of the worksheet displays gross pay, 125/Cafeteria contributions, and total wages subject to tax for each employee.