When is 940 tax due

The term legal holiday means any legal holiday in the District of Columbia. Although Form covers a calendar year, you may have to deposit your FUTA tax before you file your return. At that point, you must deposit your FUTA tax for the quarter. Deposit your FUTA tax by the last day of the month after the end of the quarter. If you're required to make a deposit on a day that's not a business day , the deposit is considered timely if you make it by the close of the next business day.

A business day is any day other than a Saturday, Sunday, or legal holiday. For example, if you're required to make a deposit on a Friday and Friday is a legal holiday, the deposit will be considered timely if you make it by the following Monday if that Monday is a business day. But this is only applicable if workers have not been dismissed for gross misconduct.

There are several questions surrounding compliance matters and the various responsibilities of the employer regarding FUTA tax. Many employers are obliged to pay both a specific Federal and a state unemployment tax. This tax fund, as the IRS Internal Revenue Service observes , is then allocated to pay unemployment compensation to workers who have lost their jobs, unless dismissal resulted from gross misconduct.

While different states might have their own regulations regarding unemployment benefits, sometimes they lack the adequate funds to cover unemployment compensation. The tax form must be filed by all businesses subject to FUTA. Form is due January 31 or the next business day if this date falls on a weekend or holiday.

Quarterly deadlines are April 30, July 31, October 31 and January See section 6 of Publication See Publication for help in electronically filing Forms and Publication PDF for help in electronically filing Forms If you timely deposited all taxes when due, you have 10 additional calendar days to file the return.

Deposit Due Dates In general, you must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes. Monthly Depositor Under the monthly deposit schedule, deposit employment taxes on payments made during a month by the 15 th day of the following month. Related Topics Employment Taxes. Depositing and Reporting Employment Taxes. Correcting Employment Taxes.