How to file Form W-2
Once you fill out all your W-2 forms, you’re ready to file them with the IRS and Social Security Administration (SSA), as well as send copies to employees. The due date for filing your W-2 forms is January 31.
You can file your W-2 forms with the IRS online or mail them in. If you do decide to submit a hard copy, you can order the forms from the IRS website.
You’ll fill out multiple copies of the form:
- Copy A goes to the SSA
- Copy 1 goes to the state, city, or local tax department
- Copy B is for your employee to file with their Federal tax return
- Copy C is for your employee to keep for their records
- Copy 2 is for your employee to file with their state, city, or local tax return
- Copy D is for your (the employer’s) records
You must file W-2 forms if you withheld any income, Social Security, or Medicare taxes from wages, regardless of the amount of wages. You can mail or electronically send W-2 forms to your employees.
Why it’s essential to file the right tax forms
A misclassification of workers, whether it be accidental or intentional, could have severe implications. If you do discover an error, you’ll need to complete IRS Form SS-8. You’ll need to file one of these forms for each one of the misclassified workers.
After receiving the form, the IRS will levy any taxes. You may have to pay wages to employees going back at least three years, along with having to pay penalties such as a $50 fine for each misclassified employee.
Find peace of mind come tax time
There’s a sense of security that comes with hiring employees. However, figuring out how to fill out a W-2 form can be challenging. Mastering the process of filling out and filing your tax forms like W-2 and 1099 forms is a necessary step toward a smooth tax season.
Streamlining your payroll process with payroll software like QuickBooks Payroll helps automate the tax form-filling process.
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