New W2 Form 2021 Editable – The IRS Form W-2 provides details about the gross salary, Social Security, Medicare State and Federal income tax withholdings, and other tax-related deductions. Employers must give this statement to each employee who worked for the business during the year of tax.
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The form must be provided to employees and then submitted to the Social Security Administration no later by January. 31 of the following year.
What Is Form W-2?
The W-2 form is utilized to give income and withholding information for employees to complete their tax returns. The form also provides the exact same information to to the IRS and the Social Security Administration.
The form must be completed for each worker whose the income tax, Social Security, and Medicare taxes were withheld during the the year. There is an exception for employees who’ve claimed that they are exempt from withholding on the W-4 forms that they must have provided to their employers prior to hiring
Who uses Form W-2
Employees are not eligible for Form W-2. This applies to freelancers, independent contractors as well as other non-employees such as vendors. If you wish to provide the information on income to these people, you should use Form 1099–MISC. Most non-employees must receive a 1099-MISC form if you’ve paid them more than $600 in the prior year.
Where can I get Forms W-2?
W-2 forms can be found at your local office supply stores, your CPA, and online from IRS. W-2 forms are also available in the majority of tax preparation software.
How do you file Forms W-2?
Forms for W-2, as well as a W-3 form, must be submitted to SSA by January. 31 of the following year. January. 31 is also the deadline for W-2 forms being given to employees. The W-3 form is a transmittal document used to combine all information from individual W-2 forms into a total that can be used by the SSA.