Get the free Forms W-2 Reporting of Employer-Sponsored Health Coverage. Authorization for the rel...

Elliott 2013 Year End Payroll Update Introduction The IRS will require the 2013 W-2 s, issued in January 2014, to provide employer sponsored health coverage cost information in Box 12 under the code

How to fill out forms w-2 reporting of

How to fill out forms W-2 reporting of:

1. Gather necessary information: Before filling out forms W-2, ensure that you have gathered all the required information. This includes the employer's name, address, and Employer Identification Number (EIN), as well as the employee's name, address, Social Security Number (SSN), and wages for the year.
2. Obtain form W-2: You can obtain form W-2 from the Internal Revenue Service (IRS) website or your employer. Make sure you have enough copies of the form, as multiple copies are required for different parties involved.
3. Fill in employer information: On the form W-2, start by filling in the employer's information. This includes the employer's name, address, and EIN. Double-check the accuracy of this information to avoid any potential errors.
4. Provide employee information: Proceed by providing the employee's information. Fill in the employee's name, address, and SSN accurately. Again, ensure that these details are entered correctly to prevent any discrepancies.
5. Report wages: Next, you will need to report the employee's wages for the year. This includes both taxable and non-taxable wages, as well as any other compensation such as tips or bonuses. Enter the appropriate values in the designated boxes on the form.
6. Deduct pre-tax contributions: If the employee has made any pre-tax contributions, such as to a retirement plan or a flexible spending account, deduct these amounts from the employee's total wages. Report the resulting amount on the form W-2.
7. Calculate and report withholdings: Calculate the total federal income tax, Social Security tax, and Medicare tax withheld from the employee's wages throughout the year. Enter these amounts in the respective boxes on the form W-2.
8. Complete state and local information: If applicable, complete the state and local information section on the form W-2. This may include reporting state wages, state income tax withheld, and any local taxes or information required by your specific locality.
9. Provide copies to relevant parties: Once you have filled out the form W-2 correctly, provide copies to the employee, the Social Security Administration, the state tax department (if required), and retain a copy for your records as the employer.
10. File by the deadline: Ensure that you file the completed forms W-2 with the required parties by the deadline set by the IRS, typically by the end of January.

Who needs forms W-2 reporting of?

1. Employers: Employers are required to fill out forms W-2 for each employee who has received taxable wages or compensation during the year. These forms are essential for reporting the employee's income and tax withholdings to the appropriate authorities.
2. Employees: Employees need forms W-2 for various reasons, including filing their personal income tax returns. The information provided on forms W-2 is used to accurately report the employee's income and calculate their tax liability or potential refund.
3. Social Security Administration: The Social Security Administration requires copies of forms W-2 to track an individual's earnings and ensure accurate Social Security and Medicare benefits calculations for beneficiaries.

In conclusion, filling out forms W-2 reporting of involves gathering necessary information, accurately providing employer and employee details, reporting wages and withholdings, and filing the forms by the deadline. These forms are necessary for both employers and employees, as well as the Social Security Administration, to accurately report income and tax information.

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What is forms w-2 reporting of?

Forms W-2 reporting is a tax form used by employers to report wages paid to employees and the taxes withheld from those wages.

Who is required to file forms w-2 reporting of?

Employers are required to file forms W-2 reporting for each employee to whom they paid wages during the year, regardless of whether taxes were withheld.

How to fill out forms w-2 reporting of?

Employers must provide employee information, wages paid, and taxes withheld on forms W-2 reporting. These forms can be filled out manually or using tax software.

What is the purpose of forms w-2 reporting of?

The purpose of forms W-2 reporting is to report wages and taxes withheld to the IRS and employees for tax purposes.

What information must be reported on forms w-2 reporting of?

Forms W-2 reporting must include employee wages, tips, other compensation, federal and state taxes withheld, and other relevant information.