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    Use the Payroll Summary report to fill out Form 940

    Article ID: 1000949

    Overview

    This article explains how to use data from your Payroll Summary report to enter the amounts required on Form 940.
    Note: to understand what amounts are reported on Form 940, use the step-by-step instructions provided by the IRS as your guide.

    Assumptions

    You are not an Assisted Payroll customer; Intuit files Form 940 for Assisted Payroll customers.

    Expected Outcome

    You will correctly fill out Form 940.

    Details

    QuickBooks includes an Excel workbook with worksheets designed to show which transactions QuickBooks has used to calculate the numbers that appear on your most common payroll tax forms. To learn more, see Tax Forms Worksheets in Microsoft Excel.

    To use the Payroll Summary report for Form 940 reporting:

    Run a Payroll Summary report for the calendar year that matches your Form 940.

    In the report, go to the Total column.

    Using the IRS instruction for line 3, add up total payments made to your employees.

    For line 4, add up the payments exempt from the Federal Unemployment Tax Act (FUTA).

    Under Employer Taxes and Contributions, note the total amount you have paid for FUTA and put that amount on line 12 and line 13.

    Double-click the total FUTA amount from the Total column of your report to view the Transaction by Payroll Item report.

    From this report look at the total FUTA wages in the Wage Base column and enter that amount on line 7.

    If you multiply the total amount of wage base (line 7) by your FUTA rate, the amount should match the figures on line 12 and 13 of your 940.

    To view the amount of FUTA that you have paid for each quarter of the calendar year, modify the date range on your Payroll Summary report to cover each quarter and enter the applicable quarterly amount for lines 16a through 16d.

    Some of the lines require manual calculation of the payroll data available in your Payroll Summary report. You can refer to the IRS instruction as your guide in making these calculations. You can also download your Payroll Summary report to Excel and use Excel for manual calculation.

    To export your Payroll Summary report to Excel:

    1. Click the Export tab on top of the From Date in your report.
    2. In the Export Report window, select a new Excel workbook.
    3. Click the Export tab at the bottom.

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