W2 Form For New Employee – IRS Form W-2 provides information regarding the gross wage of an employee, Social Security, Medicare and federal income tax withholdings. The form also lists the tax-related deductions. Employers are required to provide this form to each employee employed by the business during the tax year.
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The form should be filled out by employees and then returned to the Social Security Administration by January 31st of the following year.
What exactly is Form W-2?
For taxes on income, workers are able to use the Form W-2 to declare the amount of income earned and withholding. The IRS and Social Security Administration (SSA), however, have the same information.
This form must be completed by every worker for whom income, Social Security or Medicare taxes were withheld. There is an exception for those who claim they were exempted form withholding on W-4 forms. The forms must be provided to employers when they hired them.
Who uses Form W-2
The W-2 form is only provided to employees and not independent contractors or freelancers. For information on income, these people would prefer Form 1099-MISC. Form 1099-MISC must be filed for every employees who paid you $600 or greater in the preceding year.
Where can you find W-2 forms?
W-2 forms can be obtained from your local office supply shop or from your CPA or on the internet from IRS. W-2 forms can also be obtained from a variety of businesses that offer tax preparation companies.
How to File Forms W-2
W-2 forms, along with a W-3 form, must be sent to SSA by January. 31 of the following year. Jan. 31 is the deadline for employees to get W-2 forms. The form W-3 is a transmission document used to combine the information on individual W-2 forms into a total which can then be utilized by the SSA.