The Federal Unemployment Payment Worksheet is used to calculate your credit. This is a helpful tool for employers who paid any state unemployment tax late, as well as employers for whom some paid wages were excluded from state unemployment tax. To complete this worksheet, you will need data for taxable FUTA wages, taxable state unemployment wages, the experience rates assigned to you by the states in which you paid wages, the amount of state unemployment taxes you paid late (if applicable), and the amount of state unemployment taxes paid on time.
As illustrated above, the Federal Unemployment Payment Worksheet requires a lot of working knowledge of your business’s financial operations. While some companies will be able to find this information easily, smaller businesses may not have the software or database tools necessary to quickly find and calculate this information. This is exactly where AMS can help. Software tools from Advanced Micro Solutions can provide the ease you need to file state and federal taxes, whether that involves Form 940, payroll taxes, or simply filling out these types of IRS form worksheets.
How the Federal Unemployment Payment Worksheet Works
This worksheet is used to calculate adjustments and credits that should apply to Form 940. The document walks business owners through the process, requesting information about the amount of unemployment tax paid on time and using that information to determine how they should fill out line 10 on Form 940. To complete this worksheet, you’ll need to have a lot of information about payroll, FUTA, and taxes paid to date on-hand. To see the worksheet itself, visit the IRS website for Form 940 instructions.
(Remember that users should not attach the worksheet to their Form 940. Rather, they should keep it for their records.)
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How AMS Payroll Software can Help
Needing to complete the Federal Unemployment Payment Worksheet points to a larger issue for most businesses. You’ve likely paid your FUTA tax late or are having trouble understanding your credits and/or adjustments. In most cases, this means you could probably have a slightly easier accounting process and tool. This is where we can help.
Advanced Micro Solutions offers a variety of software tools designed to support small business accounting. For those struggling with FUTA tax, AMS Payroll ($129) is likely the best supporting option. This software both calculates and tracks state and federal taxes, as well as gross payroll information, making it easier to fill out Form 940 and other iterations of the unemployment tax return, like 940 Schedule A. Having this information available and automatically calculated can reduce your risk of submitting FUTA payments late, which could eliminate the need to fill out this payment worksheet.
Additional Federal Unemployment Payment Worksheet Support
In addition to offering an accessible and user-friendly payroll software, AMS has a range of additional tools. These products can assist with most accounting processes your small business will encounter.
- W2/1099 Forms Filer (required platform)—$79
- Payroll Software—$129
- Software-Generated Forms—$79
- E-File Direct—$109
- Affordable Care Act Filer—$79
- Forms Filer Plus—$49
No matter your accounting or tax-related needs, Advanced Micro Solutions has an answer.