How to Report Wages and Salaries with the IRS W-2 Form

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IRS W-2 Form: Wage and Tax Statement

The tax period is near and this means that having to deal with various IRS forms is inevitable. Usually, the taxpayers have to submit their tax forms to the Internal Revenue Service by the 15th of April. In this blog post we’ll discuss one of the most widely used forms, the IRS Form W-2 for the tax year 2017. This form has been revised by the IRS and contains some crucial changes: a new due date for filing the form with the Social Security Administration, increased penalties for misfiling and new time extensions. Employers and employees should be aware of these new peculiarities in order to complete the form properly and avoid problems. Let’s get started.

Who needs Form W-2?

Form W-2 is an obligatory form to be completed by every employer. The W-2 doesn’t have to be filled out by the employee. Instead, it is distributed to inform the employee of their annual income amount and the taxes withheld from it.

What is Form W-2 for?

Form W-2 contains the exact amount of money paid to the employee and the amount of taxes paid on their earnings for the year. While the W-2 Form is filled out by an employer, it is sent out to other people for the purposes of income and tax withholding advisement. There are three parties that receive the form:

  • Government
  • State
  • Employee

Even though an employee does not fill out the form, they might need it when filling out their 1040.

Is the W-2 accompanied by other forms?

If form W-2 is filled out by the employer, it is followed by the W-3 form. But when an employee receives a W-2 form for guidance, they attach their tax return to the W-2 copy.

When is Form W-2 due?

Form W-2 (copies B, C and 2) is submitted to the employee by January 31, 2018. Otherwise, the employer risks being penalized. The Social Security Administration should also receive copy A of the form by the 31st of January, even in case of e-filing.

How do I fill out Form W-2?

Form W-2 is divided into two parts each with numerous fields to be completed carefully by an employer. The section on the left contains both the employer’s and employee’s names and contact information as well social security number and identification number.

The section on the right concerns actual wages and taxes paid on it. The fields are as follows:

  • Annual wages and compensation
  • Income tax withheld by the federal authorities
  • Taxable social security wages
  • Social Security taxes paid on the wages
  • Annual Medicare wages
  • Medicare tax withheld from annual pay
  • Social Security tips
  • Allocated tips
  • Field 9 should not be filled out since it will be removed from the form W-2
  • Dependant care benefits paid by an employer on behalf of an employee
  • Nonqualified deferred compensation plans
  • Different types of compensation and benefits (with a letter code)
  • Your employer’s state ID number
  • Total amount of state wages
  • The amount of tax withheld from state wages
  • Field Local wages
  • The amount of local tax withheld locally
  • Locality name is the legal name of the city or state

Where do I send Form W-2?

An employer submits Form W-2 to the Internal Revenue Service, Social Security Administration, employee and state government.

Once you’ve completed Form W-2 using PDFfiller’s intuitive editing tools, hit DONE and file the form with the IRS in a single click right from your PDFfiller account. You can also email copies of Form W-2 to your employees and SSA.