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IRS Form 940 - Annual Unemployment Tax Return

Tue, 03/19/2013 - 10:10 -- tgcadmin

Each business reports Federal Unemployment Tax Act (FUTA) tax based on the amount paid to each employee. The tax applies to the first $7000 paid to each employee [Federal base = $7000, State base is different] in a year after subtracting any exempt payments. FUTA tax along with state unemployment systems provides payments of unemployment compensation to workers who have lost their jobs.

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