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T.H.O. Software Systems Software solutions for nonprofit organizations ORION W2 Instructions 2005 1 of 18 Technical Support Article Title W2 Instructions 2005 Applies to: AS400 X Windows DOS 12/15/05

How to fill out year end w-2s

How to fill out year end W-2s:

1. Gather necessary information: Before starting the process, make sure you have all the required information. This includes employee details such as names, social security numbers, and addresses, as well as wage and tax information for the entire year.
2. Verify accuracy: Double-check all the information you have gathered to ensure its accuracy. Any errors or discrepancies can lead to problems later on.
3. Determine the filing method: Decide whether you will be filling out the W-2 forms manually or electronically. Electronic filing is generally more efficient and less prone to errors.
4. Obtain the official W-2 forms: You can order the W-2 forms from the IRS or purchase them from an authorized vendor. Make sure you have the correct version for the current tax year.
5. Fill out employer information: Begin by entering your company's name, address, and employer identification number (EIN) on the W-2 form. This information is essential for identifying your business.
6. Complete employee information: Enter each employee's details, including their name, address, and social security number, in the designated boxes on the W-2 form. Ensure the information matches their official records.
7. Report wages and taxes: Next, you'll need to report each employee's wages, tips, and other forms of compensation in Box 1. In Boxes 3 and 5, report the Social Security and Medicare wages respectively. Boxes 4 and 6 are for the corresponding withheld taxes.
8. Provide other necessary information: Depending on the specific circumstances, you may need to report additional information, such as employee retirement plan contributions or third-party sick pay. Fill out the relevant boxes accordingly.
9. Submit W-3 form: Once you have completed all the necessary W-2 forms, you need to fill out the W-3 form. This summarizes the information provided on the W-2 forms and acts as a transmittal form. Ensure accuracy and attach Copy A of each employee's W-2 form to the W-3.
10. Distribute the W-2 forms: Finally, distribute the W-2 forms to your employees by the deadline, which is typically January 31st of the following year. Make sure each employee receives Copy B, Copy C is retained by the employer, and Copy D is kept for the employer's records.

Who needs year-end W-2s?

W-2 forms are required for both employers and employees. Employers must provide W-2 forms to each employee they have paid wages, salaries, or other compensation to during the tax year. Employees, on the other hand, need W-2 forms to accurately report their income on their federal, state, and local tax returns. These forms help both parties in fulfilling their tax obligations and ensure proper reporting of wages and taxes withheld.

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What is year end w-2s?

Year end W-2s are tax forms that report an employee's annual wages and the amount of taxes withheld from their paycheck by their employer.

Who is required to file year end w-2s?

Employers are required to file year end W-2s for each employee who received wages during the tax year.

How to fill out year end w-2s?

Year end W-2s can be filled out electronically using tax preparation software or manually using the official IRS form.

What is the purpose of year end w-2s?

The purpose of year end W-2s is to report an employee's earnings and tax withholdings to both the employee and the IRS.

What information must be reported on year end w-2s?

Year end W-2s must report the employee's total wages, federal and state tax withholdings, Social Security and Medicare taxes withheld, and other relevant information.