Get the free W-2s & 1099s

Electronic Submission of W2s & 1099s Nicole WatsonWhats New? O Businesses 50 W2s & 1099s O Delayed implementation for tax year 2017 O Give small businesses more time to comply. O 2017 filing requirements

How to fill out w-2s amp 1099s

How to fill out W-2s amp 1099s:

1. Gather necessary information: Before you begin filling out the W-2s and 1099s forms, make sure you have all the required information handy. This includes the employee or contractor's name, Social Security number, address, and earnings for the year.
2. Understand the difference between W-2 and 1099 forms: The W-2 form is used for reporting wages and taxes withheld for employees, while the 1099 form is used for reporting payments made to independent contractors or freelancers.
3. Complete the W-2 form: Start by providing your employer identification number (EIN) and business information. Then, enter the employee's personal information, including their name, address, and Social Security number. Next, report the wages earned, taxes withheld, and other relevant details for each employee. Ensure accuracy and double-check all the information before submission.
4. Fill out the 1099 form: Begin by entering your EIN and business information. Then, provide the contractor's personal information, including their name, address, and Social Security number or employer identification number. Report the total amount paid to the contractor during the year and specify the type of payment made. Make sure to accurately classify the contractor's status (e.g., independent contractor or freelancer). Review the form for accuracy and completeness before submitting it.

Who needs W-2s amp 1099s:

1. Employers: Employers need to fill out W-2s for all their employees who earned wages and had taxes withheld during the year. By providing W-2 forms, employers ensure that their employees have the necessary information to file their tax returns.
2. Employees: Employees need W-2 forms to accurately report their earnings and taxes paid when filing their personal income tax returns. These forms provide essential information such as wages, tips, and any taxes withheld.
3. Businesses hiring independent contractors: Businesses that pay independent contractors or freelancers $600 or more during the year need to fill out 1099 forms. This helps report these payments to the IRS and provides the contractors with the necessary information for their own tax filings.

Note: It is important to consult the IRS guidelines or seek professional advice to ensure compliance with specific requirements and deadlines when filling out W-2s and 1099s.

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What is w-2s amp 1099s?

W-2s and 1099s are tax forms used to report income received by employees and independent contractors, respectively.

Who is required to file w-2s amp 1099s?

Employers are required to file W-2s for employees, while businesses are required to file 1099s for independent contractors.

How to fill out w-2s amp 1099s?

To fill out W-2s and 1099s, you will need to gather information about the income paid and then report it on the appropriate form following the IRS guidelines.

What is the purpose of w-2s amp 1099s?

The purpose of W-2s and 1099s is to report income earned by employees and independent contractors, respectively, to the IRS for tax purposes.

What information must be reported on w-2s amp 1099s?

Information such as wages, tips, and other compensation must be reported on W-2s, while 1099s must report payments made to independent contractors.