940 instructions Form 2016-2024

2016 940 instructions Form: What You Should Know

Enter the amount you calculate on line 1 of Form 940, as follows: 1. Enter the number of weeks you expect to work over the next 12 months. 2. Enter your total tax withheld for the year. The total includes FTA tax, but not Medicare tax. If an employer withheld any tax at all, enter the amount. If an employer withheld less than the tax the law requires you to withhold, enter the amount. For the year, enter either 1 or 2. The amounts you enter on line 2 of Form 940 are the tax withheld from your pre-tax pay for the year. There are several exceptions to the rule that an employer should withhold tax at no more than the federal unemployment tax rate on pre-tax pay for employees who have been without work for more than 6 months. For example, an employer may have to withhold additional federal unemployment tax for certain other reasons, other than the 6-month rule. If you have any tax not withheld or estimated for the year, enter those amounts on line 2. In all cases, enter the number of weeks you expect to work over the next 12 months. For 2016, the number of weeks you expect to work over the next 12 months is the average of 3 weeks for each 12-month period ending with the month before the year you expect to work (for 2024 purposes, we will use February as the ending month). If your starting date is not shown, enter the beginning date or the first day of the last pay period during the plan year. If you are self-employed and not covered by a plan or policy that withholds an annual credit (or is subject to the maximum number of credits) for FTA tax, the amount you entered on line 2 is your estimated tax (and, if you do not owe tax, is also your self-employment tax). If you are self-employed and covered by a plan or policy that withholds an annual credit or the maximum number of credits for FTA tax, the amount you entered on line 2 is your estimated tax. In general, the estimated tax includes the portion withheld for FTA tax on your net self-employment earnings. If you are self-employed and not covered by a plan or policy that withholds an annual credit for FTA tax, the amount you entered on line 2 is your self-employment tax. If you have any tax not withheld or estimated for the year, enter those amounts on line 2. You received the following: 2.

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