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Level 1

Since FUTA is normally an annual tax payment, why does it show in Payroll Tax Center that we will owe a FUTA (940) payment on 11/2/20?

 
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Best answer October 20, 2020

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Community Champion

Since FUTA is normally an annual tax payment, why does it show in Payroll Tax Center that we will owe a FUTA (940) payment on 11/2/20?

When you hit $500 of FUTA liability within a quarter you are then obligated to remit a quarterly payment. Look at your payroll liability report for 1/1-9/30 and you will probably find that your liability exceeds $500 and thus needs remitted by 10/31 - which is a Saturday so the extended due date is 11/2.  If you balance was less than $500 disregard the notice

 

At least your version of QB correctly identifies the payment due. Our desktop version  (Pro 2020) did not. I made my payment to avoid penalties from teh IRS

View solution in original post

2 Comments
Community Champion

Since FUTA is normally an annual tax payment, why does it show in Payroll Tax Center that we will owe a FUTA (940) payment on 11/2/20?

When you hit $500 of FUTA liability within a quarter you are then obligated to remit a quarterly payment. Look at your payroll liability report for 1/1-9/30 and you will probably find that your liability exceeds $500 and thus needs remitted by 10/31 - which is a Saturday so the extended due date is 11/2.  If you balance was less than $500 disregard the notice

 

At least your version of QB correctly identifies the payment due. Our desktop version  (Pro 2020) did not. I made my payment to avoid penalties from teh IRS

View solution in original post

Level 1

Since FUTA is normally an annual tax payment, why does it show in Payroll Tax Center that we will owe a FUTA (940) payment on 11/2/20?

I should've figured that one out. I see that on the form now that I printed it off.  Thank you so much for your time and help!

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