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Anonymous
Not applicable
posted
‎January 01, 2019 09:31 AM
last updated ‎January 01, 2019 9:31 AM

Employee's W-2's 2018

As an employer, are we required to report profit sharing contribution on employee's W-2's?

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1 Comment 1
john-pero
Community Champion
Community Champion
‎January 02, 2019 05:55 AM

Employee's W-2's 2018

Yes. If you pay it out in cash you have to withhold all taxes. If it is a qualified retirement plan you only withhold FICA and state/local, I believe (subject to review) and you check the box for "retirement plan"

https://budgeting.thenest.com/claim-profit-sharing-payouts-income-federal-taxes-34074.html

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