W2 Tax Forms For QuickBooks – IRS Form W-2 gives details about the employee’s gross wages, Social Security, Medicare and federal income tax withholdings. It also lists the tax-related deductions. This form must be provided to every employee who was employed during the tax year by their employer.
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The form should be filled out by employees and then returned to the Social Security Administration by January 31st of the next year.
What is Form W-2?
For employees to use in their income tax returns, Form W-2 gives them the information on their income and withholding. It also provides the same information to both 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. For employees who claim to be exempt tax withholding is not mandatory on the W-4 forms that they have to provide their employers in the process of hiring.
Who uses Form W-2?
The W-2 form is only given to employees, and not independent contractors or freelancers. It is recommended to use Form 1099-MISC instead to report income to those individuals. Form 1099-MISC is required for all employees who have paid you $600 or greater in 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. W-2 forms can be obtained from most tax preparation programs.
How to file Forms W-2
W-2 forms along with a W-3 must be submitted by SSA no earlier than January 31st of the next calendar year. The deadline for giving W-2 forms to employees is January. 31. Form W-3 is a transmission form used to add up all the information on individual W-2 forms into a total for the SSA