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
Vision 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 General tab in the Options dialog box.
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
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| Payments for services of more than <wage base>
|
Part I, Line 3
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| Total exempt wages
|
Part I, Line 4
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| Total taxable wages
|
Part I, Line 5
|
| Gross FUTA tax (@ __%)
|
Part II, Line 1
|
Multicompany
If you are using the Multicompany feature, this report only shows data for the active company.