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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Does an S-Corp have to file a 940?

Resolved Question:

I own an S-Corporation and I'm the only employee. I also work full time for another company that pays FUTA on me. Does my S-Corporation have to file a Form 940 also?

Submitted: 10 years ago.
Category: Tax
Expert:  RD replied 10 years ago.

Yes, your S-Corp will have to file Form 940 and pay FUTA taxes for you (the employee) even if some other company is already paying for you.

Let me know if you have any questions.

Customer: replied 10 years ago.

I thought FUTA was on the first $7,000 only. Because I have two jobs I have to pay on the first $14,000? Can I collect two unemployment checks if I lose both jobs?

Expert:  RD replied 10 years ago.

It is paid by the employer on the first $7,000 of each employee's wages. Since you are working for two employer's (including your S Corp) each employer will have to pay on the first $7,000 paid to you as wages.

You cannot collect two unemployment checks but your compensation will be calculated based on your total earnings from the two jobs.

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