Hawaii Form 940 (Schedule A) 2024-2025

Hawaii Form 940 (Schedule A): What You Should Know

Am I required to file the Form 860312 to claim credit reductions for state unemployment taxes in Hawaii, in any year for which Form 860312 needs to be filed? Do not use Form 860312 to calculate annual benefit amounts that take a credit for California or any state. This form will not be accepted at the department's call center. About Form 860312: Multi-State Employer and Credit Reduction Information The tax code section on the Form 860312 is called California Job Search Tax Credit, and can be filled out on the form. This California job search tax credit can reduce the amount of income and payroll taxes the recipient must pay, and is only made for qualifying hours worked in California for employers in the state. The credit will be subtracted from the total employee income tax and any employer share of payroll taxes paid by the employee. This credit is only available for state employees working in California; it is not available for employees working outside of California. To claim the credit, the employee must be entitled to a state earned income tax credit and must have worked in California for more than four years before the credit is taken. The Form 860312 is available for download from the U. S. Department of the Treasury's EMIR website as well as from the EMIR Web page: on the EMIR Website. The credit is limited. When you claim the California job search tax credit, you must pay federal and state taxes on income that equals: For employees whose jobs started on or after January 1, 2025 (1/1/14–1/1/2014) For employees whose jobs started on or after 1/1/14 and prior to January 1, 2025 (1/1/14–2/1/2014) In all other situations, you may claim the California job search tax credit but only for amounts that are: Less than the cost to you of the California health benefits plan, or less than the cost of equivalent coverage provided by the Internal Revenue Code. The amount of the credit may not exceed 50% of the first 4,000 of your California income tax for a single individual, or 12,000 of your California gross income for a married couple filing jointly. The credit is subject to federal income tax and certain state taxes. The tax credit is reported on Form 860312.

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