Federal and state compliance requires the filing of several different reports by certain deadlines. In this lesson I explain the various reports, filing deadlines and best practices to comply with the law. I’ll explain the quarterly set of reports first then the respective annual requirements.
FUTA is an acronym for Federal Unemployment Tax; an employer payroll tax calculated on the first $7,000 of gross wages paid to each employee. Form 940 is used to report FUTA to the IRS on an annual basis.