W2 Form Tax Deductions – IRS Form W-2 details information about an employee’s gross pay, Social Security and Medicare pay as well as state and federal income tax withholdings, as well as other tax-related deductions. Employers are required to provide this form to each employee employed by the business during the tax year.
2015 W2 Fillable Form 2015 W 2 Fillable Form In 2020
The form must not be submitted to the Social Security Administration after Jan. 31 of the year following.
What is Form W-2 and How Does It Work?
Form W-2 provides information on income and withholding to employees in order to fill out their tax returns for income, and it provides the same information to the IRS as well as the Social Security Administration (SSA).
The form should be filled out by each worker whose income, Social Security or Medicare taxes were withheld. Workers who claim to be exempted from withholding on W-4 forms that they should have submitted to their employers prior to the time of hiring are exempt.
Who is the person who uses Form W-2?
The W-2 form is only provided to employees and not freelancers or independent contractors. For information on income to these people it is necessary to utilize Form 1099-MISC. The majority of non-employees need to be provided with a 1099-MISC when you paid them more than $600 in the prior year.
Where to Get Forms W-2
W-2 forms are available at your local office supply shop or through your CPA or online from IRS. You can also get W-2 forms from a variety of business tax preparation programs.
How to file forms W-2
W-2 forms must be submitted together with a W-3 form to SSA no later that January 31st. The deadline for distributing W-2 forms to employees is also January. 31. The W-3 form is a transmission document that is used to consolidate all information from the individual forms of W-2 into a total which can then be utilized by the SSA.