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Form 940

What is Form 940?

Form 940 is a form which is also termed the Form 940 FUTA Tax Return filed by the employers for tax returns submitted under the Federal Unemployment Tax Act.

What is the difference between Form 940 and Form 941?

Form 940 is used by Employers to file the Federal Unemployment Taxes (FUTA) annually, however, Form 941 is used to report Income Taxes, Social Security taxes, and Medicare taxes quarterly.