Employer W-2 Filing Instructions & Information (2024)

FAQs

How to fill out a W-2 form for an employer? ›

Form W-2. Employers must complete, file electronically or by mail with the Social Security Administration (SSA), and furnish to their employees Form W-2, Wage and Tax Statement showing the wages paid and taxes withheld for the year for each employee.

Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. It may also contain information about: Tips. Contributions to a 401(k)

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.

The two crucial items detailed in a W-2 form are the total wages, tips, and other compensation received by an employee, and the amount of federal and state taxes that have been withheld from their earnings throughout the year. These details are essential for filing accurate tax returns.

An employer must correct the error if the employee's name or Social Security number was incorrectly reported on Form W-2. On the other hand, if the only error on an employee's Form W-2 is an incorrect address, no correction is required to be sent to the SSA.

Yes, employers are fined for not providing W2s by the deadline. Fines can range from $60 to $310 per W-2, depending on how late the forms are issued. If the forms are not sent within 30 days of the due date, penalties increase and can be substantial if the failure to file is intentional.

The IRS will send your employer a letter requesting that they provide you with a corrected Form W-2 within ten days. The letter advises your employer of their responsibilities to provide a corrected Form W-2 and of the penalties for their failure to do so.

Yes. When you e-file your return, we send an electronic version of your W-2 to the IRS, based on the information you enter on the Wages (Form W-2) screen. You'll need to enter all the information from your W-2.

How to check if W-2 is correct? ›

Some or all of your tip income. Some types of income you receive as a shareholder in an S-corporation. Earned income that is not subject to income tax withholding (including contributions to an employer-sponsored retirement plan) Other compensation and reductions from your taxable income.

The SSA strongly suggests employers report Form W-3 and Forms W-2 Copy A electronically instead of on paper. The SSA provides two free e-filing options on its Business Services Online (BSO) website. W-2 Online. Use fill-in forms to create, save, print, and submit up to 50 Forms W-2 at a time to the SSA.

Employers must add together the number of these information returns and the number of Forms W-2 they need to file in a calendar year. If the total equals or exceeds 10, they are required to file all forms electronically.

That is why it is critical that each employee's name and SSN, as shown on their Social Security card, match your payroll records and year-end Forms W-2. The Internal Revenue Service's Publication 15 (Circular E, Employer's Tax Guide) contains instructions for recording employees' names and SSNs.

In the US you need one W2 for each job that you work as an employee (unless you make less than $600).

January 31st is the deadline to file W-2s using Business Services Online or to submit paper Form W-2. If this date falls on a Saturday, Sunday, or legal holiday, the deadline will be the next business day. January 31st is the deadline to distribute Forms W-2 to employee(s).

If you (and your spouse) have a total of only two jobs, you may instead check the box in option (c). The box must also be checked on the Form W-4 for the other job. If the box is checked, the standard deduction and tax brackets will be cut in half for each job to calculate withholding.