Who needs a W-2 Form?
W-2 is the Internal Revenue Service Form, which is officially called Wage and Tax Statement. An employer must file this statement in two copies and send one to an employee and the other — to the Internal Revenue Service. It must report annual wages and taxes withheld for the previous year. It must be taken into consideration. There is no need to issue Form W-2 to contract workers, as they are required to submit Form 1099-MISC for reporting their income earned.
What is W-2 Form for?
By means of the W-2 Form, an employer reports the amount of wages paid to their employees and taxes that are withheld to be paid to the government. An employee in their turn needs W-2 in order to prepare their annual income tax return (typically, filed on Form 1040 or equivalent).
Is Wage and Tax Statement Form accompanied by other forms?
Typically, employers file forms W-2 together with forms W-3 with the Social Security Administration. And the SSA that reports the amounts earned and withheld to the IRS. As for employees receiving the W-2, they need the information from the statement while filing their annual income tax reports.
When is W-2 Form due?
The employer is required to deliver three copies of the W-2 to their employees by the January 31st so that they have enough to check and collect all the documents necessary to file form 1040 (or its equivalent) by the Tax Day (usually, April 15).
How do I fill out Wage and Tax Statement Form?
The completed Wage and Tax Statement must contain such data: EIN, employer’s name, address, control number, employee’s name, their address, enumeration of wages, tips and taxes withheld, etc.
Where do I send the completed W-2 Form?
The employee must send three copies of the W-2 to each employee; one copy must be delivered to the SSA and one retained for their records.