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The 940 - Properly Calculating and Paying Your FUTA Tax

Duration:
75 Minutes
Access:
6 months
Webinar Id:
708863
Register Now

Recorded Version

$195. One Participant
$395 Group Attendees

Group Attendees: Any number of participants

Recorded Version: Unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)

Overview:

The 940 calculates your total FUTA (Federal Unemployment Tax) owed for a calendar year.

FUTA is a tax paid to the federal government, and used to support state unemployment insurance programs. It is due on Jan 31st of each calendar year.

FUTA is not to be confused with SUTA (State Unemployment Tax) ,paid throughout the year to any state you have employees in. However, SUTA payments paid on time minimize your FUTA tax, which is usually set at 0.6% up to $7000 paid to each employee, regardless of the state the employee performs work in.

There are reasons that an employer's FUTA may exceed 0.6% In addition to paying SUTA late. Failure to make FUTA deposits on time, or credit reductions taken by certain states, can result in more FUTA tax owed.

Because of this, and other information required to complete the form 940, employers can find it confusing to complete. So Join Mark Schwartz in this informative webinar. In addition to all the information and calculations necessary for the 940, you will learn how to determine that your SUTA tax is calculated and paid correctly. You will follow your SUTA information to the appropriate sections of Form 940 - for a better understanding of how it affects FUTA liability.

Why should you Attend:
  • Know what SUTA and FUTA are, their similarities and differences
  • Properly calculate SUTA and FUTA
  • Know deposit requirements
  • Explain what the 940 is, and what information and calculations are involved
  • Determine where to pay SUTA for multistate workers
  • Explain how paying SUTA on time minimizes FUTA
  • Train your hiring, payroll and HR workforce on this matter

Areas Covered in the Session:
  • Purpose of form 940
  • New for 2024
  • Reminders
    • Expenses, reimbursements and fringe benefits
    • Outsourcing responisibilites
    • Disregarded entities, and more
  • Who must file
  • Due dates and deposit deadlines
  • Basic computations
  • Form 940, part by part
    • Info for YOUR business
    • FUTA tax before adjustments
    • Adjustments and the line 10 worksheet
    • Total adjusted FUTA tax
    • Quarterly information
    • 3rd party designee VIII
  • Sch A: Credit reduction state calculations
  • SUTA overview
    • States with an additional employee withholding
    • What is considered when calculating SUTA rates for employers (experience rating)
    • Multistate determinations: which state to pay your suta for employees who work in more than one state
  • Sample completed W4 with computations and schedules

Who Will Benefit:
  • Payroll Staff and Management
  • HR Staff who deal with unemployment issues
  • Personnel Managers
  • Financial Staff for payroll matters
Instructor:

Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.

Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.

Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.

Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.


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