IRS Form 940 and Unemployment Tax Updates for 2024-25

Marketing and Empathy Psychology

By - Dayna J. Reum, CPP

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For years the only changes payroll professionals had to worry about was normal rate changes for state unemployment each year. But in recent years the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits. Because several states are faced with depleted funds, changes are occurring on payroll unemployment taxes. With the change in the economy and legislation changes happening more often this has become more complicated for both employees and employers.

This webinar will review the necessary updates on where our unemployment system is and how this will affect the way payroll professionals will do their jobs now and into the future.

Learning Objectives:

Understanding who and what earnings are subject to unemployment taxes
A review of FUTA tax rate and tax depositing
Discuss Form 940 changes and common mistakes made
How FUTA & SUTA interact and why it is important to understand
Discussion on the status of the state unemployment system and how it will affect your job in the coming years
Details of the FUTA Credit Reductions
How to reduce and maintain your SUI rates

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Webinar Type

Clear

Speaker Detail

Dayna is currently the Senior Director of Payroll & HRIS at Ann and Robert H. Lurie Children’s Hospital of Chicago. Dayna has been heavily involved in the payroll field over 20 years. Starting as a payroll clerk at a small Tucson company. Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards to include Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the APA. Dayna has also assisted in the CPP preparation classes for the Chicago APA Chapter. She has served on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.