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Form 940 is actually one of the easier tax forms once you understand it. The hard part is just keeping track of the payment timing throughout the year.
One last tip - keep good records of all your Washington ESD payments throughout the year. You'll need those amounts when you file Form 940 to calculate your credit. Makes the year-end filing much smoother.
Good point, I'll make sure to save all those payment confirmations. Thanks everyone for all the help - this thread has been incredibly useful!
Glad we could help! And seriously, if you ever need to actually talk to someone at the IRS or Washington ESD about any of this stuff, check out that Claimyr service I mentioned. Game changer for getting through government phone systems.
If you're doing your own payroll, make sure you're also staying on top of your Washington ESD quarterly reports. Missing those deadlines can affect your credit eligibility for the federal tax.
One more thing - if you're just starting out as an employer, you might qualify for a reduced rate with Washington ESD for your first few years. It's worth asking about when you register.
I used claimyr last month to get through to ESD about a different issue and it was honestly a lifesaver. Even though you probably won't qualify for benefits, it might be worth using their service to talk to an agent about what options exist for people in your situation. They might know about programs or resources that aren't widely publicized.
Bottom line - focus your energy on job applications rather than trying to get unemployment benefits you're not eligible for. Use every resource available: job centers, online applications, networking, temp agencies. Once you get that first job, even if it's temporary, you'll start building the work history you need.
Question about quarterly payments - since Washington ESD didn't withhold taxes from my unemployment, should I be making estimated tax payments for next year if I'm still unemployed?
Just finished my taxes and unemployment definitely goes on line 7. Ended up owing $1,800 but at least now I know for next time. Setting up tax withholding first thing Monday morning!
Mei Zhang
Bottom line - if you lost your job through no fault of your own and meet the wage requirements, you should apply. The worst they can say is no, but you'll never know if you don't try.
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Omar Fawaz
•You're absolutely right. I'm going to apply this week. Thanks everyone for all the helpful information!
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Chloe Martin
•Good luck with your application! Feel free to come back here if you have more questions during the process.
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Anastasia Sokolov
And remember, if you need to talk to someone at Washington ESD during your claim process and can't get through on the phone, Claimyr is there to help. Sometimes you really need to speak with an agent to get specific questions answered about your unique situation.
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Omar Fawaz
•I'll definitely keep that in mind. Thanks for mentioning it earlier - I bookmarked their site just in case.
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