A W-2 form is used to file employee’s federal and state taxes. The w-2 is a record that you earned what you paid taxes from your earnings.
Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
W-2 form gives the Social Security Administration and the IRS information to verify the employee’s income tax return. W-2 must be filed with the Social Security Administration (SSA) by January 31 of the next year.
Informations need to complete W-2 Form.
-Information about bussiness
- Employer Identification Number
- Business Name And Address
- Business State Tax ID Number
-Information about Employee
- SSN (Social Security Number)
- Employee Name and Employee Address
-Information about Employee Earnings
- Total Earnings and other compensation
- Total Social Security wages
- Total Medicare wages
- Social Security tips and allocated tips
-Information on Retirement Plans
In W-2 Form Box 12, need to indicate, for each W-2, if each employee participates in a retirement plan or a nonqualified plan with Employer, if an employee is a statutory employee, or if the person received third-party sick pay.
-Information on Special Benefits
Box 13 of the W-2 Form requires information about deductions for employee benefit plans and other deductions that must be reported on the employee’s income tax return.
