W2 Tax Form Instructions – IRS Form W-2 gives details regarding the gross wage of an employee, Social Security, Medicare and federal tax withholdings. It includes any tax-related deductions. This statement must be provided to employees by the employer for all who were employed during the tax year of the company.
W2 Form IRS Tax Form Filing Instructions Online
The form should be distributed to employees and submitted to the Social Security Administration no later than January. 31 of the following year.
What exactly is Form W-2? How Does It How Does It Work?
To be used by employees on their tax returns for income, 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)).
It must be completed for every worker whose earnings, Social Security and Medicare taxes were withheld in the previous year. An exception exists for those who claim to be exempt from withholding tax on the W-4 forms they should have provided to their employers prior to hiring
Who is using Form W-2?
The W-2 form is only given to employees, and not to independent contractors or freelancers. If you wish to provide income information to these individuals, you should utilize Form 1099-MISC. Non-employees are required to obtain a 1099-MISC if they earned $600 or more during the preceding year.
Where can I find forms W-2
W-2 forms can be obtained at the local office supply store or through your CPA or on the internet from IRS. Forms for W-2 can be requested from most businesses that offer tax preparation services.
How do you file Forms W-2?
Forms for W-2 must be sent together with a W-3 to SSA by the 31st of January. The deadline for distributing W-2 forms to employees is Jan. 31. Form W-3 is a transmittal form that is used to combine the details on the individual W-2 forms into a total for the SSA