W2 Tax Form From Employer – The IRS Form W-2 contains information about total pay, Social Security, Medicare State and Federal income tax withholdings, and other tax-related deductions. Employers must provide this statement to every employee who worked for their business during the tax year.
Understanding 2017 W 2 Forms
This form must be completed by employees and returned to the Social Security Administration by January 31st of the following year.
What is Form W-2?
For employees to use in their income tax returns, Form W-2 gives them income and withholding information. The form also gives the same information to the IRS (and the Social Security Administration (SSA)).
The form must be filled out for every worker whose earnings, Social Security and Medicare taxes were withheld during the year. Workers who claim to be exempt from tax withholding on their W-4 forms, which they should have submitted to their employers prior to the time of hiring are exempt.
Who uses Form W-2
Form W-2 is distributed to employees, but not freelancers, independent contractors as well as other non-employees, like vendors. It is recommended to prefer to use Form 1099-MISC to provide income information to these people. A 1099-MISC is required for all non-employees who paid you $600 or greater during the previous year.
Where to Get Forms W-2
You can get W-2 forms from your local office supply store, from your CPA or access them online from the IRS. Forms for W-2 can be found through a variety of tax preparation software.
How do you file Forms W-2?
Forms for W-2 must be sent together with a W-3 to SSA no later that the 31st of January. January 31 is the deadline to distribute W-2 forms to employees. The form W-3 is a transmission document that is used to consolidate the information on the individual forms of W-2 into one total that can be used by the SSA.