IRS form 940 is an annual form that needs to be filed by any business that has employees. This form reports the business’s federal unemployment taxes pursuant to the Federal Unemployment Tax Act (FUTA). The business is responsible for the tax and does not come from employee wages. This tax along with state unemployment programs pay for unemployment compensation to those worker who have lost their jobs.
IRS form 941 is the Employer’s Quarterly Federal Tax Returns. All employers are required to withhold federal taxes from their employees compensation, which includes, Federal Income tax, Social Security tax and Medicare tax. The IRS form 941 is the form used for reporting and paying these taxes to the United States Government.
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