Publication 80 - Circular Ss - Department Of The Treasury Page 15
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24940-EZ. The credit cannot be more than 5.4% of taxable
financial institution. Send a deposit coupon (Form 8109)
FUTA wages.
with each payment.
Figure your liability for FUTA tax deposits quarterly.
Form 940 or 940-EZ. By January 31, file Form 940 or
Multiply by .008 (0.8%) the amount of wages paid during
940-EZ. If you made all FUTA tax deposits on time, you
the quarter to employees who have not exceeded $7,000
have 10 additional days to file.
in wages for the calendar year. Stop depositing FUTA tax
Form 940-EZ is a simpler version of Form 940 for filers
on an employee’s wages when his or her wages exceed
with uncomplicated tax situations. You can generally use
$7,000 for the calendar year. If any part of the first $7,000
Form 940-EZ if:
paid to employees is exempt from U.S. Virgin Islands
•
You are liable for unemployment tax only in the U.S.
unemployment taxes, you may be required to deposit an
Virgin Islands;
amount in excess of the .008 rate. If this amount (plus any
•
undeposited amount from earlier quarters) is more than
You make all required payments to the U.S. Virgin
$100, deposit it by the last day of the first month after the
Islands by the due date of Form 940 or 940-EZ; and
end of the quarter. If the result is $100 or less, add it to the
•
All wages subject to FUTA tax are also subject to
FUTA tax for the next quarter, and do not make a deposit.
U.S. Virgin Islands unemployment tax.
Make this calculation for each of the first 3 quarters of the
year.
If you do not meet these conditions, file Form 940 in-
If the FUTA tax reportable on Form 940 or 940-EZ
stead. Once you have filed Form 940 or 940-EZ, the IRS
minus the amounts deposited for the first 3 quarters is
will send you a preaddressed form.
more than $100, deposit the tax by January 31. If the result
Deposits. If you are not making deposits using EFTPS
is $100 or less, you may either deposit the tax or pay it with
(see section 8), deposit the FUTA tax with an authorized
Form 940 or 940-EZ by January 31.
Page 15
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Publication 80 - (circular Ss),federal Tax Guide For Employers In The U.s. Virgin Islands, Guam, American Samoa, And The Commonwealth Of The Northern Mariana Islands
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