Nampa Idaho Form 940 (Schedule A) 2024-2025

Nampa Idaho Form 940 (Schedule A): What You Should Know

Annual Wage Statement. The state requires you to file a Form 940-EZ or Form 940, Employer's Annual Wage Statement, to provide the IRS with information needed to determine the taxable amount of your household employees who are performing services in Idaho. This year you're responsible for figuring the annual wages of workers who don't receive Social Security benefits or other state assistance.  Use this year's Form 940 (or 940-EZ) to figure your state employment taxes. This form must provide information about the wages, or the wages of any dependent, of each of the workers. If you're an Idaho taxpayer, you can complete the annual tax and form in a single day, or you can electronically file all required tax forms online at Idaho Tax Forms. The form is filed electronically to maintain the integrity of the filing and payment processes. Individual Income Tax — Idaho State Tax Commission  Form 5301 and Form 5301A — Family Tax Credits. There are two federal tax credits for which you must calculate state tax. The Family Tax Credit (FTC) is a credit equal to the average monthly wages of each spouse who's under a limited wage earner status for a qualifying child, and the Earned Income Tax Credit (ETC) is a credit equal to the wages of parents who meet certain requirements and can't support themselves from work. The FTC is calculated on Form 1040, line 20, and the ETC is calculated on Form 1040, line 21. Employees may be able to claim the ETC, but it's not available to them because they aren't working for themselves. You cannot claim the ETC and the FTC on the same federal tax return.  To claim the ETC on the Federal Return, you must meet one of the following four tests: Employees with incomes below the poverty line who must work to help their children, parents, or other qualifying family member is not required to do so. An employee can work as an independent contractor, a freelancer, or as the principal of a partnership. An employee is required to work. The FTC and the ETC are part of many federal tax breaks that also include tax deductions for health insurance premiums, child tax credit interest, and charitable contributions. They're not available for all employees.

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