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Payroll CPA discusses 2011 Form 940 Schedule A | FUTA | Wilmington NC

payroll CPA wilmington nc Form 940 Schedule A

Gary Bode, CPA: If you have trouble with the new changes, give us a call for a free phone consult at 399-2705.

Your NC company will pay more federal unemployment tax (FUTA) for 2011, $14, on average, for a full-time employee. This extra FUTA tax is payable with your 4th Quarter 2011 deposit, due by January 31st, 2012. It’s a case of one IRS hand giveth (some) and the other IRS hand taketh away (more).

Other States

Here’s a link to the 2011 940 Schedule A. You’ll quickly see if your state has a credit reduction and the amount thereof.

The Giveth Hand

The Feds lowered the gross unemployment tax from 0.08% to 0.06% for the 3rd and 4th Quarters of 2011. So that might have saved your company $7, on average, per full-time employee. The $7,000 annual gross wage base stayed the same. The tax would ordinarily be $49, on average, for a single employee. I think any payroll CPA would agree that the revised Form 940 means extra work for employer compliance.

The Taketh Away Hand

NC is one of multiple states that dipped into the federal well to pay the surge in unemployment benefits during the recession. So, our federal credit, for NC unemployment taxes paid, is reduced. This means we pay more FUTA in NC, 0.03% more to be exact, or $21, on average, per employee. Be grateful… in Michigan it‚Äôs 0.09%!

2011 Form 940 Mechanics

Compared to last year:

  • There‚Äôs an extra line to divide 2011 wages into Quarters 1 and 2, and Quarters 3 and 4.
  • In NC, we have to fill out Schedule A and attach it to Form 940. Here‚Äôs where you calculate the additional 0.03% tax.

We‚Äôre a Wilmington NC CPA¬†firm that provides payroll services. But our virtual office allows us to provide service for multiple States. Of course, we prepare Form 940 and it’s Schedule A. Read any of our hundreds of postings on this site to get a feel for what we do and our attitude in doing it. For a free phone consult, please call (910) 399-2705.

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