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IRSEmployment & Payroll Tax (940/941 Series)

Official form guide

Form 940-SR: 940 (Schedule R)

Form 940 (Schedule R) is the supplemental worksheet used with the Employer’s Annual Federal Unemployment (FUTA) Tax Return to claim a credit for employer-paid Social Security and Medicare taxes on tipped employees. File it when you are eligible for the credit and attach it to Form 940.

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Form Overview

IRS Form 940-SR - 940 (Schedule R)

Form 940 (Schedule R) is the supplemental worksheet used with the Employer’s Annual Federal Unemployment (FUTA) Tax Return to claim a credit for employer-paid Social Security and Medicare taxes on tipped employees. File it when you are eligible for the credit and attach it to Form 940.

It captures total tipped wages, the amount of Social Security and Medicare taxes paid on those tips, and the resulting credit amount.

Risk Radar

Scan points
  • 1Tip totals do not match payroll reports
  • 2Using the wrong credit rate (
  • 3[object Object]
  • 4[object Object]
  • 5[object Object]

Plain English

If your business pays tips to employees, you may get a credit that reduces your FUTA tax. Schedule R calculates that credit and is sent with the regular FUTA return. It’s a short worksheet, not a separate tax bill.

Submission Date

  • Filing date: 2024-11-29 22:10:12
  • Preparation window: collect IDs, supporting records, and signatures in advance.
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Glossary Terms

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Field map

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7 fields

Employer Info

1 items

Employer Name and EIN

Full legal name and Employer Identification Number.

Requiredtext

Quarter

1 items

Reporting Quarter

Select the calendar quarter this return covers.

Requiredselect

Wages

1 items

Total Wages and Tips

Sum of all wages, tips, and other compensation paid to employees during the quarter.

Requiredamount

Withholding

1 items

Federal Income Tax Withheld

Total federal income tax withheld from employee paychecks.

Requiredamount

SS & Medicare

1 items

Social Security and Medicare Wages

Wages subject to Social Security tax (capped) and Medicare tax (uncapped).

Requiredamount

Deposit

1 items

Deposit Schedule

Indicate your deposit schedule: monthly, semiweekly, or next-day rule if over $100k.

Requiredselect

Signatures

1 items

Authorized Officer Signature

Must be signed by an authorized officer or agent of the employer.

Requiredsignature
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Quick Facts

Employers who pay tipped wages and are required to file Form 940.
It captures total tipped wages, the amount of Social Security and Medicare taxes paid on those tips, and the resulting credit amount.
Attach Schedule R to the Form 940 that is due each January 31 for the previous calendar year’s wages.
Mail the completed Form 940 with Schedule R to the IRS address listed in the Form 940 instructions, or file electronically via the IRS e‑file system if you are an authorized e‑file participant.
Incorrect tip totals or miscalculated credits can lead to underpayment penalties, interest, or a denied credit, which raises your FUTA liability.
Gather total tipped wages for the year, compute the employer’s share of Social Security and Medicare taxes on those wages, apply the credit rate, and enter the result on Schedule R. Verify the numbers against payroll records, then attach the schedule to Form 940 before filing.

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Copyright & Licensing - US Government Forms

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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