What is a W-2 form?
A W-2 form is a statement an employer must fill out each year for each of their employees to report the employee’s total gross earnings, applicable federal and state taxes withheld, and other factors affecting taxes. This form allows the employee the correct information that they must show on their income tax form and allows the Social Security Administration and IRS to be made aware of the employee’s earnings.
Employers must send the W-2 form to their employees by no later than January 31 of each year so that the employee has sufficient time to fill out their income taxes.
Where do I, the employer, get a W-2 form?
A W-2 form can not be simply taken from the internet and be used. Instead, you must be able to get the form printed on special paper since Copy A of the form is printed on a different texture of paper. Copy shops, your tax preparer, and tax software programs are best able to assist you in receiving a W-2 form.
What information do I need to fill out the W-2 form?
To be able to fill out a W-2 form, you will need access to the following information:
- Information about employees
- Social Security number of tax ID of the employee
- Name and address of the employee
- Total compensation for the employee
- Total social security wages
- Total medicare wages
- Information about your business
- Your employer ID number
- Business name and address
- Tax ID number of the Business
- Information about retirement plans and special benefits
If you currently have employees, you need to be filling out this mandatory form for each of them. Not only does this form allow the Social Security Administration to be aware of the applicable taxes relevant to your employee, but it also enables your employees to be aware of their earnings and other information. This is not a difficult form to fill out, it is simply just documenting the taxes, income, and personal information of your employees to better assist the government and you.