Maximize Your 401k Contributions in 2024: A Guide with Calculator
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.
As the deadline to turn in Form 940 and deposit FUTA tax for 2024 approaches, PaycheckCity wants to make sure you know how the deadlines can change!
As a small business owner, you may need to pay Federal Unemployment Tax (FUTA) and report the annual amount on Form 940, the Employer's Annual Federal Unemployment (FUTA) Tax Return. There are a few ways to determine if you will need to pay FUTA and report it; wages paid in any quarter equal $1,500 or more or if you paid at least one employee for any work completed in 20 or more weeks throughout the quarter. FUTA tax is only to be paid by you, the employer, and should not be paid by employees. To determine if you are required to deposit FUTA tax, check the IRS website for more guidelines.
When do I deposit my FUTA tax?
Since Form 940's due date is based on your FUTA tax deposit, the date you deposit FUTA tax is significant. If your FUTA tax liability is more than $500 at the end of a quarter, you must submit it by the end of the month following that quarter. If your FUTA tax liability is $500 or less, then the deposit is not due for the quarter and carries over to the next quarter. This process should continue until you have reached $500, and then you are required to deposit the FUTA tax at the end of the month following that quarter. If your FUTA tax deposit for the year is less than $500, then you have the option to make the deposit or use Form 940 to pay the tax.
When is Form 940 due?
If you have not deposited your FUTA tax for the year, Form 940 is due on January 31. Occasionally, deadlines set by the IRS fall on a weekend or holiday. If a due date is on a weekend or holiday, the IRS states that the due date is pushed until the next business day.
When is Form 940 due in 2024?
It is due Wednesday, January 31, 2024.
If you're still doing your employer and employee taxes by hand, let PaycheckCity Payroll do it for you! Payroll history is saved and used to autofill your Form 940. Try it free for 14 days, then it's only $199/year - unlimited companies, employees and payroll runs.
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.
Unlock the secrets of your 2023 bonus taxes with our guide, and use our Bonus Pay Percent Calculator for an instant breakdown of your take-home pay.
It’s the 2023 holiday season, and for fortunate employees, that means an end-of-year bonus! Yet many employees are disappointed when their bonus lands in their bank – usually a lower amount than anticipated. Here's a quick guide to help workers understand how bonuses are taxed.