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You can also use this schedule:Allocation of credit for employees (Schedule RR (Form 940) or Schedule RR (Form 942)(if you filed a Schedule C))If you are filing a Schedule K-1, check boxes below for individuals to whom you are giving section 529-type distributions, for those receiving a distribution pursuant to Section 529(b), or for members of trust funds. For distributions not made to the section 529 plan, check the appropriate box, enter the name of the distribution recipient on line 1 and enter either an amount as an amount distributed or an amount as adjusted gross income for the year of distribution. If you are filing a Schedule 1099, enter the following income or loss:For employees over age 50, enter the net earnings from self-employment. Enter the net earnings. If your net earnings were not more than 1,500 but more than 19,000 or less than 5,000, enter the amount not more than 1,500, or less than 19,000 or more than 5,000. If your net earnings were under 1,500 but more than 5,000, enter the amount less than 1,500, or more than 19,000, not more than 5,000. Enter the adjusted gross income for the year of the distribution. Use Form 8941 to compute this amount. If more than one source of income is shown for a tax year, enter the highest source of income. Enter your gross income on line 2, enter your gross income (line 3 minus your adjusted gross income (line 4)) on line 6, and enter your net earnings as shown on line 8. See the instructions below for computation of adjusted gross income. If you are a nonresident alien worker who received compensation or wages from a foreign country or other foreign source (foreign income) on which you paid taxes to the Internal Revenue Service (tax on wages or compensation), do not enter “0” in box 6. Instead, on the first line of lines 29 through 32 for the taxable year, enter the amount of such tax shown on the most recent Form 1040, line 1. Enter “0” in the income box in box 32. Then enter total compensation (line 35) and total gross wages (line 37). Subtract line 35-line 37.

IRS Form 940 Script Hi everyone, I'm Priyanka Prakash, senior staff writer at Fund era. Today, I'll be showing you how to fill out Form 940: Employer’s Annual Federal Unemployment Tax Return, more commonly called the FTA tax return. You must file this form if you paid $1,500 or more in wages to employees during a calendar quarter of this year or the previous year, or if you employed anyone for at least 20 weeks of the year. This form is due on January 31. However, you get an additional 10 calendar days to file if you deposited all your FTA taxes on time throughout the year. Now, most employers have to pay FTA at the federal level and state unemployment tax. As you’ll soon see, the two are closely related. As a reminder, FTA tax is only paid by employers, so this is not a tax that you would deduct from your employees’ wages. Okay, let's get started with the form. The top of the form is pretty straightforward. You're just going to note down your business contact information, including the EIN, business name, and business address. I'll provide this information for a fictional business called ABC Bakery LLC. If...