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Posted: February 1st, 2022
Unlike Form 941, there is no penalty for the late filing of Form 940.
Can you please help me with true/false questions below:1. Unlike Form 941, there is no penalty for the late filing of Form 940.Answer: Ture / False2. Since the credit against the FUTA tax (for SUTA contributions) is made on Form 940, the employer's payroll tax entries should include the FUTA tax at the gross amount (6.0%).Answer: True/ False3. Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues.Answer: True/ False
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