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Who Should File W-2 Form?

Dec 12th 2018 at 7:19 AM

Wage and Tax Statement, known by most individuals like W-2 is the Internal Revenue Service document, used by the companies to report the wages they pay to their employees and the tax withhold from them. It is obligatory to file the document for every officially employed individual who receives the salary or any additional payments from the company. The Official IRS website says, that the payment deadline for filing tax forms for 2018 tax year is the thirty-first of January 2019. But we highly recommend you not postpone form filing until the very last moment. Also, it is important to share the form copies with employees, for them to have time for preparing their tax documents. Also, the company should send copies to the Social Security Administration.

What are W-2 Form Components?

The document not big, but quite informative. It includes state and federal tax payment details because companies pay taxes on both levels, and information about the company and its employees.

Those are the W-2 components in details:

  1. The sample starts with the employee’s SSN.
  2. Next, go employer’s EIN and full postal address, including ZIP code.
  3. Also, there is the name and address of the hired person.
  4. The right part of the form, that includes payment data consists of the general sum of all wages, tips, and compensations paid per one tax year.
  5. Social security wages and tips are also included here.
  6. The  SSA, IRS, and Medicare withheld are included in the document.
  7. Social security tips, as well as allocated tips, are reported with this form as well.
  8. Individuals, taxed in accordance with the special plan can be identified with the help of detailed instruction, filed together with the form.
  9. For state taxes reporting, the payer should include all the required details at the bottom line cells.

How to File the Sample in Minimal Time

We want to provide you with recommendations, accelerating the form filling process in your company:

  1. Use specialized software or online solutions for making countings and document management. No matter you choose the desktop solution like Adobe or Nitro software or online platforms like PDFfiller or GoogleDocs, you will certainly feel the useful benefits of the document management software.
  2. Keep careful tracking of all payments for the information to be available in a case you need it.
  3. If you have more than two hundred and fifty employees, then complete forms digitally. Also, it is better to hire a knowledgeable accountant to be responsible for the full cycle of tax report documents preparation.
  4. Do not complete this template for the independent contractors or freelancers your company works with as this type of payment is reported with the other documents.
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