State unemployment insurance & The Federal Unemployment Tax Act (FUTA) Unemployment Form 940 update

For years the only changes payroll professionals had to worry about was normal rate changes for state unemployment each year. But in recent years the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits. Because several states are faced with depleted funds, changes are occurring on payroll unemployment taxes. With COVID-19 legislation and all the extension, The Federal Unemployment Tax Act  (FUTA) and The State Unemployment Tax Act  (SUTA) taxation has been an area that has become more complicated for both employees and employers.

This webinar will review the necessary updates on where our unemployment system is and how this will affect the way payroll professionals will do their jobs now and in the future.

Webinar Agenda

• Form 940 basics and how to properly complete
• Form 940 changes
• FUTA and how to properly calculate
• FUTA and SUTA and how they interact
• Experience Ratings and how they work
• SUI tips and tricks to keep costs down

Webinar Highlights

• Understanding who and what earnings are subject to unemployment taxes
• COVID-19 Legislative updates and how to manage them.
• A review of FUTA tax rate and tax depositing
• Discuss Form 940 changes and common mistakes made
• How FUTA & SUTA interact and why it is important to understand
• Discussion on the status of the state unemployment system and how it will affect your job in the coming years
• Details of the FUTA Credit Reductions
• What is the SIDES program and what its impact will be 
• How to reduce and maintain your SUI rates

Who Should Attend

Payroll and Tax Professionals