The Internal Revenue Service (IRS) recently released the updated Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, for the 2024 tax year. Staying ahead of the curve, Halfpricesoft.com has meticulously updated ezPaycheck to incorporate t...
Form 940, also known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, is a tax return used by employers to report their annual federal unemployment tax liabilities. If your business is required to pay FUTA taxes, then you're required to file Form 940. 2. Who needs to fil...
funds unemployment compensation for individuals who have lost their jobs. Notably, FUTA tax is an employer’s responsibility and is not deducted from employees' wages. Previously, businesses in Puerto Rico employed Form 940-PR for reporting their FUTA tax. ...
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not require an independent third party to substantiate the expense, then the plan fails to operate in accordance with the proposed cafeteria plan regulations and the amount of benefits that employees elect under the cafeteria plan are includable in income as wages and subject to FICA and FUTA. ...
The notice also says that coverage and reimbursements provided for an employee’s child under age 27 are not wages for FICA or FUTA purposes and are exempt from income tax withholding.