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What is a W2 form?
A W-2 form is a wage and tax statement prepared by employers every year for each employee. It has two-fold uses:
1. It is used by employers to report the wage and tax information of their employees to the IRS.
2. It provides the employees with the necessary data that they must include in their income tax forms.
The W-2 form contains details regarding the employee’s total gross earnings, Social Security earnings, Medicare earnings, and federal and state taxes withheld from the employee.
Employers need to provide a W-2 form to each employee to whom they paid a salary, wage, or any other form of compensation. This does not include the self-employed workers and independent contractors who must file taxes with different forms like the 1099-MISC.
The W-2 form contains the following copies:
• Copy A needs to be sent to the Social Security Administration
• Copy 1 is meant for the state, city, or locality
• Copy B is used by employees to file their federal tax return
• Copy C is used for the employee’s personal records
• Copy 2 is another copy for state, city, or locality
• Copy D is for the employer’s personal recordsW2 Form Due Date
The employers must send the W-2 forms to their employees by 31 st Jan so that the employees have ample time to prepare for their annual tax return on 15 th of April.
The employers also need to send all the W-2 forms of their employees to the Social Security Administration by 31st Jan.
Since the date for sending W-2 forms to employees and to the SAS are the same, it is advisable to send the forms to the employees a bit earlier so that any required corrections can be made before sending them to the SAS.
How do I Get a W2 Form?
You cannot simply copy the W2 form from the internet since copy-A of the form is printed in special paper. However, you can get it from a copy shop or from your tax preparer.
You can also use http://onlinepaystubgenerator.com/W2-form to get your printable W2 form for employees. Our template will generate W-2 forms that are accurate and easy to understand.
How to File the W-2 Forms
There are two ways of filing the W-2 forms:
1. Mail:
You can send all your W-2 forms to the SSA via mail along with a W-3 form, a transmittal form that shows the totals for all boxes on the W-2 form. Employers need to send the W-2 and W-3 forms to the address, “Social Security Administration, Direct Operations Center, Wilkes-Barre, PA 18769-0001.”
2. Online:
To file a W-2 form online, employers need to register on SSA’s Business Services Online Site.
You don’t need the W3 form if you are filing online.
However, if you have more than 250 W-2 forms to file, you must file the w-2 form online unless the IRS grants you a waiver.
There will be changes in online filing criteria in future years:
- ⮞ For the 2021 tax year, you must file W-2 forms online for 100 or more W-2 forms.
- ⮞ For tax years after 2021, you must file W-2 forms online even if you have 10 or more W-2s to file.
- ⮞ Clearly, the IRS prefers employers to file their W-2 forms online.
Information Included in the W-2 Form
The W-2 form contains six lettered boxes (A-F) and 20 numbered boxes (1-20) that must be filled by the employer.
⮞ Boxes A through F
The lettered boxes contain some basic information of the employer (name, address, EIN, and State ID No.) and the employee (name, address, Social Security No.).
⮞ Boxes 1 and 2
Box 1 shows the taxable income of the employee, including wages, salary, tips, and bonuses, while Box 2 shows the taxes withhold by the employer.
⮞ Boxes 3 and 4
Box 3 shows the part of the employee’s earnings that were subject to Social Security tax and Box 4 shows the total Social Security tax that was withheld.
⮞ Boxes 5 and 6
Box 5 tells the employee’s earning that was subject to Medicare taxes and Box 6 tells the total Medicare tax that was withheld.
⮞ Boxes 7 and 8
Box 7 specifies the total tips received by the employee and Box 8 tells how much tip the employer tells he has given to the employee.
⮞ Box 9
It was earlier used to report the tax perks but now it is defunct and left empty.
⮞ Box 10
Box 10 reports the dependent care benefits received from the employer (if applicable).
⮞ Box 11
This box reports the total deferred compensation an employee received from their employer in a non-qualified plan.
⮞ Box 12
It lists the deferred and other types of compensation with a single or double-letter code that corresponds to each.
⮞ Box 13
Box 13 contains three sub-boxes for reporting the pay that is not subject to federal income tax withholding.
⮞ Box 14
Box 14 is used to report any other additional tax information that may not fit in any section of the W-2 form. For example, state disability insurance taxes withheld and union dues.
⮞ Boxes 15-20
The final six boxes of the W-2 form include the part of earnings that are subject to state and local taxes and how much was withheld by the employer.