If you are required to file form 940 and you are required to file form 941, yes you must file both Form 940 and Form 941.
Form 940 and Form 941 are two different tax returns.
Form 940 is Annual Unemployment Tax Return (FUTA) while Form 941 is Employer Quarterly Federal Tax Return (FICA).
Form 940
You use Form 940 to report the following:
Wages paid to your employees during the year.
Unemployment tax your business deposited during the year or your business needs to pay on these wages.
It is the unemployment tax your business pays on the 1st $7,000 you paid each employee in your business during the year.
Form 940 is filled once a year. It is an annual tax return.
Form 941
You use Form 941 to report the following:
Wages paid within a quarter to your employees.
The federal income tax your business withheld on these wages.
The Social security tax and Medicare tax your business withheld from these employees’ wages.
Your business portion of the social security tax and Medicare tax.
The tax deposited during the quarter or to pay.
Form 941 is filled every quarter.
It is a quarterly employment tax return.
Conclusion: Do I have to file both 940 and 941?
Resources
Related article categories
Previous related articles:
Disclaimer:
“I am not an attorney to practice law. I am not allowed to draft legal documents, give advice on legal matters including immigration, or charge a fee for these activities.” Our contents are informative and based on our knowledge and experience. Use them at your own discretion.
Ads Disclaimer:
Ads are displayed in our contents. These ads do not influence the content we create and publish. We do not endorse them either.
Affiliate links Disclaimer:
Our Videos and articles contain affiliate links. When you click on them and make a purchase, we will receive a commission. We thank you very much for your support!
Our Vision
Nina’s Soap was created to help you live a healthy lifestyle within your budget while increasing your net worth.
Liberman Consulting L.L.C.’s contents are about different ways to save money, different ways to make money to reach your financial independence where you don’t worry about money or depend on your job to provide for your family.
Our Objectives
At Nina’s Soap (Liberman Consulting L.L.C.), you will find information about living a quality life within budget and increasing your net worth. Topics covered include personal finance, investment, business management, cooking from scratch, and growing some vegetables and fruit to save money and eat healthy.
“https://ninasoap.com/membership-join/ (We welcome you to join us. Email List)
care@ninasoap.com (contact info for any questions you may have)
https://ninasoap.com (blog), https://liberdownload.com (digital products), https://ninassoap.com (natural products), https://liberlabel.com (custom apparel), https://liberoutlet.com (resale store), https://www.youtube.com/c/LibermanConsultingLLC (YouTube Channel), https://www.pinterest.com/ninassoap/ (Pinterest), https://ninasoap.com/affiliate-products/ (Our resource page)”.
