Get the free New Form W-2 Reporting Requirements - Fickewirth Benefits Advisors

Legislative Brief Health Care Reform: New Form W-2 Reporting Requirements The Patient Protection and Affordable Care Act (PACA) was enacted on March 23, 2010, and amended by the Health Care and Education

How to fill out new form w-2 reporting

How to fill out new Form W-2 reporting:

1. Start by gathering all necessary information, including the employer's identification number (EIN), employee's information (name, social security number, address), and wage and tax information for the year.
2. Fill out the employee's information section by providing their full name, social security number, and address. Make sure the information is accurate and matches what is on the employee's records.
3. Enter the employer's information, including the EIN, business name, and address.
4. Report the wages and tips earned by the employee in Box 1. This should include all compensation received throughout the year, including bonuses and commissions.
5. In Box 2, report the federal income tax withheld from the employee's wages. This is the amount that was deducted from their paycheck throughout the year.
6. Include the employee's social security wages in Box 3 and Medicare wages in Box 5. These amounts may differ from wages reported in Box 1 if the employee had any pre-tax deductions or earned any non-taxable income.
7. Report the employee's social security and Medicare taxes withheld in Boxes 4 and 6, respectively. These amounts should match the total that was deducted from the employee's wages for these taxes.
8. If applicable, enter any additional tax withholdings in Box 12. This may include items such as retirement contributions, health insurance premiums, or other miscellaneous deductions.
9. Complete the state and local tax reporting sections as required by your jurisdiction. This may include boxes for state income tax withheld, state employer identification number, and state wages and tips.
10. Double-check all the information entered on the form to ensure accuracy and completeness. Make sure all boxes are filled out correctly, and there are no errors or discrepancies.
11. Keep a copy of the completed Form W-2 for your records and provide copies to your employees.
12. File the Form W-2 with the Social Security Administration (SSA) by the designated deadline, either electronically or by mail, as per their instructions.

Who needs new Form W-2 reporting:

1. Employers who paid wages to employees during the tax year are required to fill out the new Form W-2 reporting.
2. Employees who received wages from their employers during the tax year will need the Form W-2 for their own tax filing purposes.
3. The Internal Revenue Service (IRS) and state tax authorities use the information reported on Form W-2 for tax enforcement and to reconcile an individual's wages with their tax filings.

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