As an employer, you are required by law to pay a percentage of their employee’s wages for federal unemployment taxes until they reach $7,000 in taxable wages for the year. What’s it for? Form 940 is used to report federal unemployment taxes (FUTA) paid throughout the year. With all that said, here’s a closer look at what you’re on the hook for:įorm 940 – Employer’s Annual Federal Unemployment (FUTA) Tax Return Also, keep in mind that many states require tax returns that parallel the federal requirements we outline here. In addition to these recurring tax filings, we’ll also go over the timelines for tax forms that need to be filled out at various points in an employees’ lifecycle (typically the beginning).
October 31: Quarterly employer tax returns for the third quarter of 2022. August 1: Quarterly employer tax returns for the second quarter of 2022. May 2: Quarterly employer tax returns for the first quarter of 2022. January 31: Employees’ and contractors’ wage and income statements. January 31: Quarterly employer tax returns for the fourth quarter of the previous year. January 31: Annual tax employer tax returns for 2021. Do yourself a favor and add them to your calendar! To keep you organized and aware of all those tax deadlines, here’s a look at the most common forms that employers need to file regularly, along with the due date of each, and any penalties incurred should you file late, or not at all.īefore diving into all the forms, here’s a quick list of the filing deadlines you should keep top of mind throughout 2022. But getting a handle them is important since the IRS has little patience with those that file or deposit late. The volume of payroll forms that employers need to process and file can be intimidating.
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