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Form 940 (PR) online Plano Texas: What You Should Know

E-file for 2019 The Federal Unemployment Tax Act, as amended, provides a  minimum tax of 1.2 percent on Federal and State unemployment compensation payments that are received by employees. The Federal unemployment tax is a tax on all wages from an insured compensation payment for employment in the U.S. for more than 1 calendar year, or from a group health insurance plan. Form 4562, Puerto Rico's Form of Insurance Most people are familiar with the Federal Unemployment Tax Act (FTA), which is paid in addition to Federal/State unemployment benefits. Employers generally must withhold this tax from their employees' paychecks and pay the IRS when it is due. The Puerto Rican Unemployment Tax Act (PR TFA) is different from the FTA, and not required to be paid with an unemployment payment. Rather, it is a separate form of insurance. Form 4562, Puerto Rico's Form of Insurance Form 4562, provided by the Puerto Rico Secretary of the Workforce, is a statement of your compensation earned while working in Puerto Rico. The PR TFA is a separate form of insurance and requires no premium. The PR TFA is not a substitute for the Federal unemployment tax, which is a tax withheld from your paycheck. If you receive the Federal unemployment tax, you will need to file Form 940 (PR) in addition to Form W-2 to report your annual Federal unemployment tax. Form 4562, Puerto Rico's Form of Insurance Your Form 4562 is valid for 1 year from date of issuance. Forms 4562 must be filed with the Puerto Rico Bureau of Unemployment Insurance (BOI). Form 4562 will be mailed to you, and you return it to the BOI. You need not pay the Form 4562 fee. You can pay it directly to the BOI by following the instructions on the form. Furthermore, you may need to make a copy of Form 4562. Form 4562 is designed to help you with calculating your Federal/State income tax withholding for the purpose of filing PR TFA and form W-2. Form 4562, Puerto Rico's Form of Insurance Form 4562, the Form of Insurance, requires that you fill in a form that is similar to the form W-2, so that your employer will withhold from your paycheck federal unemployment taxation and withhold a minimum annual tax of 1.2 percent from employment compensation received in Puerto Rico.

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