HR Glossary for HR Professionals
Glossary of the most common HR terms and acronyms to assist professionals navigating the ever-growing and ever-changing world of HR terminology.
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What is a Form 940?
Form 940 is used by a business owner to report their annual Federal Unemployment Tax Act (FUTA) tax on their tax return for the calendar year. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax.
The due date for filing IRS Form 940 is January 31. However, if you deposited all FUTA tax when due, you have until February 10 to file these tax forms. If the due date for filing a return falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day.
Related Terms: Federal Unemployment Tax Act