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Form Tax 940 for Orlando Florida: What You Should Know

It must be your sole basis for the election. The IRS requires that you file an election by April 15 of the year you report the employment taxes in excess of the amount of the employment taxes you have filed. To make this election, you must have both Form SSA-23 and Form W-2.  The Form W-2 is the financial statement for your business, and has instructions at IRS.gov/FormsW2. It has instructions for the forms that you have to include, and those you need to use.  You must figure the amount of Federal Unemployment tax in your income on Form 942. You can either figure the taxes on your Form 1040 or you can use Form 39. For more information on the Form 39, see Form 19: Form 39 Election-W-2/W-3, or Form 1312: Election to Report Employer's Net Minimum Tax and Employer's Net Minimum Employee Contribution in the Year of Submission. For example, if you report payroll costs in excess of the amount of the employee's employment taxes deducted from your payroll, you report those taxes as income on Form 942. You figure the taxes on the Form 942 as: the wages earned in excess of the amount of the employment taxes deducted from payroll; and the difference between the amount of employment taxes deducted from your payroll and any net minimum tax amounts from Form 39. You can't include the employment taxes in your income until you file an election under the laws of your state. The election and the information you need is included at IRS.gov/Forms/Form4044. For more information on the election check out IRS Publication 534, Employer's Annual Federal Unemployment Tax Return and Form SSA-23, Election to Report Employment Taxes Excess of Employment Taxes Deducted on Payrolls. This page is a sample from the tax guide Federal Income Tax Guide for Business Entities, which you may need to purchase for the 2023 calendar year to obtain an accurate estimate of your federal tax liability for the current year. This is provided for information only and may not reflect current tax laws, rules, or regulations.

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