940
Business & Finance abbreviation · Tax
| Stands for | Employer's Annual Federal Unemployment (FUTA) Tax Return (IRS Form 940) |
|---|---|
| Categories | Business & Finance |
940 stands for Employer's Annual Federal Unemployment (FUTA) Tax Return (IRS Form 940), a tax abbreviation.
Annual return reporting an employer's federal unemployment tax, due January 31 for the previous year. The tax is paid only by employers and is never withheld from employees' pay.
Example: Our 940 shows FUTA of just $42 per employee because we paid our state unemployment tax on time.
Usage notes
Employers in states that borrowed from the federal government to pay unemployment benefits and have not repaid may face a "credit reduction" that raises their FUTA cost. Schedule A of Form 940 handles multistate employers and credit reduction states.
Related abbreviations
More tax abbreviations
- 1120-S – U.S. Income Tax Return for an S Corporation (IRS Form 1120-S)
- 409A – Section 409A (nonqualified deferred compensation rules)
- 4868 – Application for Automatic Extension of Time To File U.S. Individual…
- 501(c)(3) – Charitable organization (Internal Revenue Code section 501(c)(3))
- 501(c)(4) – Social welfare organization (Internal Revenue Code section 501(c)(4))
- 83(b) – Section 83(b) election
- 941 – Employer's Quarterly Federal Tax Return (IRS Form 941)
- 990 – Return of Organization Exempt From Income Tax (IRS Form 990)
- ABN – Australian Business Number
- ACTC – Additional Child Tax Credit
- AGI – Adjusted gross income
- AMT – Alternative minimum tax