940 & 941

If you own a company, 940 & 941 are terms that you should know rather well.  If not, we are here to help!

940 tax is Federal Unemployment and unless you are exempt, you are only required to report and pay this tax on an annual basis. 

941 taxes or as the IRS says, "Employer's Quarterly Tax Returns" require all employers to withhold federal taxes from their employees pay, which includes, Federal income tax, Social Security Tax and Medicare tax. Even though the forms need to be filed each quarter, the IRS might have different rules as far as deposits go. 

If you want to learn more from IRS website, go to FUTA or the Employment tax.

If you have any questions regarding these tax issues or any other tax issues, please contact one of our tax specialists or fill out the form on the website and one of these specialists will contact you right away.

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