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AK Form Tax 940: What You Should Know

The Form 940 also requires you to report the Social Security Administration tax on your federal income tax return. Q: The form has been renewed. Where does the payment go? — John Employers should not use Form 940, as it will only ask for a “check” rather than an electronic payment. An electronic payment is used for certain optional reports, such as those that show you what your Social Security tax will be for the year, and for payments to the IRS for tax refunds and payouts. If you don't use Form 940 to report your total federal unemployment tax from all your employees — both regular salaried and hourly — it's best to check with the IRS. Do I need to report my employees' Social Security tax if my unemployment is less than 13 weeks? — Tom If your unemployment is less than 13 weeks you only need to report “any taxes that may be due” and for this reporting you do not need to file Form 940. However, if your employer provides an automatic payroll deduction to the employee for Social Security, a Form 941 or a Form 944 is required. Q: Can I complete my state unemployment form and then send it to the employee's place of employment as a separate form? — Mary A: You can indeed complete Form 940 and then mail it to the employer's place of business. You can use Form 932EZ as a separate form, as you can send it to either the employer's place of work or the Social Security Administration for the individual filing the Form 940. Q: My Social Security taxes paid to the IRS are not included in my state unemployment benefits. Can I take the state unemployment benefit and then get their tax refund as an alternative to their federal tax refund? — Nancy A: Your state unemployment benefits are based on the amount of money that you have been paid and the state with which the state has a social security agreement. If you have not actually received any of your Social Security benefits, then you may want to check with the state with which you are in a formal agreement for your Social Security payments.  If your employer provides payroll deductions, you will receive a tax refund even if you don't report any federal tax to the state. However, if there were any state withheld tax that was not paid as Federal tax, this will not be covered by your state unemployment benefits.

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