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What is Form W-2?
Form W-2, also called the Wage and Tax Statement, is a tax form that is used to report wages paid to employees hired by a business entity. Amounts reported on W-2 forms can include employees' annual wages and the amount of taxes withheld from employees' paychecks. This form also provides information about deductions for employees benefit plans and other deductions that must be reported on the employee’s income tax return.
Businesses must file this form for each person that they have hired as an employee and paid wages to during the year. These forms are filed with the Social Security Administration (SSA), whether on paper or electronically. The SSA then sends information from the W-2 to the IRS. A business must also provide a copy of this form to the employees.
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Who needs to file Form W-2?
All employers engaged in a trade or business that pays remunerations for services performed by an employee must file this form if they meet any of the conditions below.
When is this form filed?
An employer is required to file if they:
Paid remuneration, including noncash payments of $600 or more
Withheld any income, social security, or Medicare tax
What is the deadline to file Form W-2?
The deadline to file this form with the SSA is the end of February if filing on paper. If filing electronically, the deadline is the end of March. However, the deadline to provide employee copies is the end of January.
for more information on deadline.
What is the penalty for failure to file Form W-2?
The IRS imposes heavy penalties if a business fails to file or fails to file correct information. There is penalty for not providing recipient copies. The penalty increases with time. So, even if you have not filed your form in time, we encourage you to file as soon as possible.
for more information of penalties.
Do I file Form W-2 with State or Local Tax agencies?
SSA and IRS do not transfer W-2 data to states. You will need to file with the State and Local Tax agencies separately.
for more information on penalties.
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