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Cincinnati Ohio Form Tax 940: What You Should Know

To help ensure that your employer gets to use the payment in accordance with U.S. law for reporting Federal Unemployment tax, and to avoid potential prosecution under Federal laws for withholding the payments and reporting the payments as tax-free, you may receive one of the following forms: Form 940 for employees, or Form 940A, which is a form for employers that have 10 or fewer full-time employees. Do Employers Get to Keep the Full Amount of the Payment? Q: What's Form 940? Am I Required to File It? — Gusto Jan 6, 2023 – 940 is a tax form that allows employers to report their annual FTA (Federal Unemployment Tax Act) tax. Most employers that have employees will send a Form 940 to the Ohio Department of Taxation. To help ensure that your employer gets to use the payment in accordance with U.S. law for reporting Federal Unemployment tax, and to avoid potential prosecution under Federal laws for withholding the payments and reporting the payments as tax-free, you may receive Form 940A, which is a Form for employers that have 10 or fewer full-time employees. Businesses with 10 or fewer employees are required to furnish a certified statement that the employer is filing an IRS Form 940-ES and will submit additional supporting documents to confirm that the report is valid. All the other 10 or fewer employers of 10 or fewer full-time employees need to file an identical set of supporting document by the specified April 30 or the federal tax will be withheld at the full annual FTA level at the rate for the prior tax return. If you are a business that does not claim one of the above-listed exceptions, your Form 940A forms must include a statement that states: “The employer does not claim a deduction or credit or otherwise claim or collect a federal employer additional tax on Form 940-ES. All the employer's employees must be included in figuring the employee's federal income tax liability on Form 940. The employer also provides an itemized list of the employee's employment earnings for the year, which must be on-line and available electronically at the time of filing.

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