All you need is basic employment and salary information. Our generator tool calculates the state and federal tax withholdings for you automatically. W2 is an IRS form employers that are required to complete and distribute to their employees by January 31 of each calendar year. The SSA uses that information to determine future social security, disability, and Medicare benefits. W-2 forms are different from two other tax forms they are sometimes confused with, W-9 and MISC forms.
A W-9 form is the form employers have independent contractors fill out at the time of hire. It reports the amount a contractor earned in a given tax year. As an employer, you need a W-2 Form to inform the government how much you have paid to and withheld from each employee. The Form also provides the employee with information that is included in his or her income tax form.
For example, how much you have added to your retirement plan, your social security and medical earnings, and even any amount you received for your health insurance. It gives the Social Security Administration and the Internal Revenue Service a clear picture of your income tax returns. Your employers current or former are generally required to send you the W-2 Form for the previous year by the end of the January.
As an employer, you must complete and distribute Form W-2 to employees by January This deadline applies to both e-filing as well as mail submissions. If you file after the deadline, it may result in late filing penalties. However, if January 31 falls on a weekend or any national holiday, the deadline will be shifted to the next business day. Mistakes made on Form W-2 can cause several confusions and headaches both for employers and employees, even some of which an employer can be penalized for.
The most common mistakes to avoid on W-2 Form include:. When it comes to taxes, you can do it yourself. Most often, businesses rely on tax professionals like lawyers or legal attorneys to take care of the tedious details of tax and other legal needs. But these legal entities can cost you much. Order a quantity equal to the number of employees. Compatible Envelopes. All of the copies for a single employee will print on one page.
You simply fold and mail — no need to separate and collate forms! Your software may support these formats, be sure to check its functionality before ordering. We make it easy with DiscountEfile. Learn More. The number of parts you need is determined by which government agencies you are reporting to.
When using condensed 2up, 3up or 4up forms, you can print all employee copies on a single sheet to save time. The W-2 form is typically sent out by mail from the employers. You can order it straight from the IRS to get W-2 online. Here are some tips you need to know on your W-2 Form Your W-2 form shows you how much you have owed in the whole past year and how much you have paid in taxes on those wages.
You should fill in a lot of the information into the W 2 form when you do your taxes. W-2 forms not only shows how much you have earned in wages and tips, but also tells other stuff, such as how much you've received in dependent care benefits, the amount of your health insurance that your employer paid, or even the amount you contributed to your retirement plan during the year.
Your employer must send you a W-2 form by the end of January due to the IRS requires employers to provide their W-2s to the government and employees by Jan.
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