Let me share a few information about printing W-2 form in QuickBooks Online (QBO), info719.
At this time, the paper requirements when printing the employee copies of Form W-2 are Blank 3-part perforated paper, Blank 4-part perforated paper, or Plain paper. Then, the option to change it to 2 W-2's per sheet in Form W-2 Printing Settings page is unavailable.
You'll want to consider printing it on a plain paper or order blank W2 forms for printing on perforated paper.
For more details about printing W-2 forms, you can check out these articles:
Visit the Community if you need a hand with printing other payroll forms or any QBO related. I'm always here to help.