Business

QuickBooks Form 940 & How to Prepare It in QuickBooks?

QuickBooks form 940 is used to report the annual Federal Unemployment Tax Act, which helps workers to get their funds who have lost their jobs anyhow because most employers pay state employment & federal, both the taxes together. The last date of filling the form 940 is January 31, but if you deposited all the charges when due, you could file it till February 10.

QuickBooks offers a secure & accurate way to file form 940 quarterly. With the help of QuickBooks form 940, you can calculate, pay your taxes, and manage your employer’s federal unemployment tax liability during the year. You can track these provided steps and file your quarterly tariffs in QuickBooks.

Steps to Pay Your Federal Estimated Quarterly Taxes

  1. Open QuickBooks Application on your computer system.
  2. Select your taxes and mark a quarter duration you want to pay.
  3. Click on pay now option, fill 1040-ES payment voucher, and let the process finish.
  4. Now, at last, print your voucher as you need to have your check & voucher with a quarterly tax due date.

Employers often ask a similar question that ‘How to calculate the 940 tax?’ well, the answer is easy, employers need to pay a tax of 6% on the first $7000 of salary paid to each employee during the year. Employers take the help of QuickBooks to file for 940 to calculate Federal Unemployment Tax for the previous calendar year.

Recommended to read: QuickBooks Error 1327

Follow the Points to Prepare Tax Forms in QuickBooks

If you are a QuickBooks user and want to know how can you use QuickBooks to pay your taxes, just read all the given points carefully and enhance your accounting experience.

  1. Click on the menu bar, then click on employers option and select payroll forms & W-2s.
  2. Now go to file forms option and select annual form 940/sch. A-Employer’s Annual Federal Unemployment (FUTA) Tax Return & click file form.
  3. Click on the drop-down arrows, choose a year, and process the request with OK.
  4. Click on the option next to proceed with the form 940.
  5. In the end, check all your given information that it is accurate or not.
  6. After all that, you need to click on check for errors to identify & resolve form errors. If there are errors, you can find those in the top section on the screen. Just click on the error description form to correct all the errors directly.
  7. Click on the option save and close after correction and print for your records to print your form.

We hope all the given information can help you to fill out form 940 and fill your taxes in the right manner. Make a call to QuickBooks payroll experts at 1.855.738.2784 to clear your doubts related to QuickBooks form 940 anytime.

Also see: Fix the QuickBooks Scheduled Payroll Dates Wrong

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