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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Filing Federal Government Reports

There are two additional federal forms you need to file by January 31. One is used to report unemployment figures and the second is used to report federal income taxes withheld for nonpayroll income.
Form 940 or 940-EZ, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” is basically a form in which you summarize your payroll information and calculate your FUTA tax for the year. If you’ve made all the necessary payments and only pay unemployment contributions to one state, you can use the simpler 940-EZ version. You use the information gathered on the quarterly reports to prepare this form.
Form 945, “Annual Return of Withheld Income Tax,” is used to report any nonpayroll income tax withheld. As a ...

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