W2 Tax Form New York – 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 are required to provide this form to each employee employed by their business during the tax year.
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The form should be distributed to employees and then submitted to the Social Security Administration no later by January. 31 of the following year.
What exactly is Form W-2? how Does It Work?
Form W-2 is used to provide information on income and withholding to employees for their income tax returns, and it also provides similar details to the IRS and the Social Security Administration (SSA).
The form must be completed for every worker from whom the income tax, Social Security, and Medicare taxes were withheld over the the year. Employees who claim to be exempt from tax withholding on their W-4 forms, which they must have provided to their employers at the time for hiring are not exempt.
Who Uses Form W-2?
Form W-2 is provided to employees, not freelancers, independent contractors as well as other non-employees, such as vendors. For information on income those who are employees would use Form 1099-MISC. Non-employees are required to obtain a 1099-MISC if they have received $600 or more during the preceding year.
Where can I get Forms W-2?
W-2 forms can be obtained from your local office supply shop, through your CPA or on the internet from IRS. W-2 forms can also be requested from most business tax preparation companies.
How to File Forms W-2
Forms for W-2, as well as the W-3 form, should be sent to SSA by January. 31 of the following year. Jan. 31 is also the deadline for W-2 forms being given to employees. The form W-3 is a transmittal 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.