Forms 940, 941, 943, 944, and 945 are filed by a business using payroll and/or bookkeeping software and are used to reconcile and verify correct remittance of payroll taxes due by the employer as well as taxes that were withheld from employees' paychecks.
Workful is a TaxSlayer partner product and a payroll and human resources management software package designed for small businesses and provides these forms.
- Form 940 is used to report a business's annual Federal Unemployment Tax Act (FUTA). (Household employers generally pay FUTA on Schedule H filed with their individual income tax return.)
- Form 941 is the employer's quarterly federal tax return, used to report wages paid to all non-farm employees and to reconcile federal income taxes, Social Security Taxes, and Medicare Taxes withheld from employees' paychecks, as well as calculate the employers' portion of Social Security and Medicare Taxes.
- Form 943 is the employer's annual federal tax return for agricultural employees and is used to report wages paid to one or more farmworkers that were subject to Social Security and Medicare taxes or federal income tax withholding.
- Form 944 is the employer's annual federal tax return, designed specifically for small non-farm employers whose total annual payroll taxes (Federal Income Tax, Social Security, and Medicare withheld plus Employer portion of Social Security and Medicare) are less than $1000. The intent is to reduce paperwork for small employers and the IRS because of the smaller value of the funds. Employers filing this form won't file Form 941.
- Form 945 is used to report federal income tax withheld or required to be withheld from nonpayroll payments, such as payments reported on various Forms 1099 and W-2G, as well as voluntary withholdings from certain government payments, and other sources of backup withholdings.
Reminder: Because these forms are used by employers to report payroll taxes, they are not included in TaxSlayer Pro.