Have You Paid Your Federal Unemployment Tax in Topeka, KS?

by | Jun 13, 2019 | Financial Services

Certain taxes are assessed for different reasons. When it comes to paying unemployment tax, employers need to comply with the legislation. This tax is imposed as part of the tax act that provides for state unemployment processing. This processing enables workers to receive compensation if they lose their jobs through no fault of their own.

Paying Unemployment Taxes

When you pay federal unemployment tax in Topeka, KS, you are doing your part as an employer to ensure the continued success of this FUTA-based program. Most employers pay both state and federal unemployment taxes. These taxes are not assessed or collected from employee wages.

To file federal unemployment tax, an accountant will use a Form 940. Filling out the form is clear-cut as long as you have a good knowledge of preparing taxes. That is why you need to turn this type of tax work over to a qualified tax service. By taking this step, you can ensure that filling out the form and filing or attaching it will be done right.

Filling Out Form 940

The federal unemployment tax form used for filing features a space for the employer’s EIN, or employer identification number. The employer’s name or trade name should be listed at the top, including the business address. You will need to have a knowledgeable tax person figure the FUTA tax before making and adjustments.

Who to Contact Locally

Once the tax preparer calculates and fills out this type of form, he or she can determine the tax owed. The tax is computed for each quarter of the year. For example, the first quarter includes January to March 31 while the second cover covers the first of April to the end of June. The third quarter taxes are computed for July 1 to September 30 while the taxes for the fourth quarter cover October 1 to December 31. Contact a competent tax advisor such as Peggy’s Tax & Accounting Svc for further details.

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