If you’re a small business owner with employees, you know the importance of filing and paying your payroll taxes. When figuring out how to fill out a W-2 form, you’ll first need to collect your information, such as wages and taxes withheld.
However, there are roughly 25 boxes you’ll have to fill out, which can be overwhelming. While it seems intimidating, you likely won’t have to complete all the boxes, which means you’ll want to learn how to fill out and file your W-2 forms before diving into the process.
How to fill out a W-2 form
As a business owner, it’s your responsibility to make sure W-2 forms are accurate. Any employee you pay will get one of these forms. The W-2 form reports the total wages and compensation for the year to both your employee and the IRS. Your employees will use the W-2 form you provide to prepare their own personal tax returns for the year.