IRS Forms Related to 940

IRS Forms Related to 940

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Filing taxes can be a daunting task, especially if you're unfamiliar with the forms and paperwork the Internal Revenue Service (IRS) requires. The 940 form is an important one to fill out correctly, as it's the Employer's Annual Federal Unemployment (FUTA) Tax Return. Understanding the related forms to the 940 is essential to filing your taxes, so let's take a look at the different forms.

  • Form 941: The Employer's Quarterly Federal Tax Return, Form 941, is used to report the amount of wages, tips, and other compensation paid to employees during the quarter, as well as the taxes withheld from their paychecks.
  • Form 943: The Employer's Annual Federal Tax Return for Agricultural Employees, Form 943, is used to report the wages and taxes paid to agricultural employees throughout the year. This form is only required for employers who paid wages to agricultural employees.
  • Form 944: The Employer's Annual Federal Tax Return, Form 944, is used to report wages and taxes paid to employees throughout the year. This form is only required if the employer’s total liability for Social Security and Medicare taxes and federal income tax withholding is $1,000 or less for the year.
  • Form 945: The Annual Return of Withheld Federal Income Tax, Form 945, is used to report income tax withheld from nonpayroll payments during the year, such as payments to independent contractors.
  • Form 990-T: The Exempt Organization Business Income Tax Return, Form 990-T, is used to report the unrelated business income of tax-exempt organizations.
  • Form 1040-ES: The Estimated Tax for Individuals, Form 1040-ES, is used to report estimated taxes on income not subject to withholding, such as self-employment income, interest income, or capital gains.
  • Form 8109-B: The Federal Tax Deposit Coupon, Form 8109-B, is used to make federal tax deposits. Employers can use this form to make deposits for federal income tax, Social Security, and Medicare taxes.

Filing taxes can be overwhelming, but understanding the different forms related to the 940 form can help make the process easier. The above forms are most commonly related to the 940 form, but others may depend on your business. Make sure to consult the IRS website for more information on the forms related to the 940.