W2 Form From Employer – IRS Form W-2 provides information about the employee’s gross wages, Social Security, Medicare and federal income tax withholdings. The form also lists the tax-related deductions. Employers must provide this statement to every employee who worked for their company during the tax year.
Understanding 2017 W 2 Forms
The form must not be returned to the Social Security Administration after Jan. 31 of the year following.
What is Form W-2?
To file taxes on income, workers can use Form W-2 to report income and withholding. The IRS and Social Security Administration (SSA), however, share the same information.
The form must be completed for each worker whose the income tax, Social Security, and Medicare taxes were withheld during the course of the year. Employees who claim to be exempted from tax withholding on their W-4 forms, which they should have submitted to their employers at the time of hiring are exempt.
Who uses Form W-2
Employees are not eligible for Form W-2. This is for freelancers, independent contractors and any other non-employees like vendors. It is recommended to prefer to use Form 1099-MISC to provide income information to those individuals. The majority of non-employees need to receive a 1099-MISC form if you paid them $600 or more in the prior year.
Where to Get Forms W-2
W-2 forms may be purchased at your local office supply or through your CPA. You can also get them online via the IRS. Forms for W-2 are also accessible in the majority of tax software for tax preparation.
How to file forms W-2
Forms for W-2 as well as a W-3 form have to be submitted to SSA on or before January 31st of the next year. January. 31 is also the deadline for W-2 forms being given to employees. Form W-3 is a transmittal form that is used to combine all the information on the individual W-2 forms to create a total to be used by the SSA