Since it needs to be provided to the IRS by this time, it makes sense to do all copies at once to be sent to everyone who needs one.Ĭompleting a W-4 is an essential step in the process of hiring a new employee. When are W-2 forms due?Īs an employer you’ll submit an electronic copy directly to the IRS usually by January 31 for the previous year. While the W-2 lists their income tax withholding, an employee may lower their tax liability after the fact by filing deductions or using tax credits. They’ll use the information from their W-2 to complete their tax return. The amount of taxes you withhold will depend on the employee’s total wages for the year.Įvery one of your employees gets a W-2 (usually by mail) at the end of the tax year. It also reports how much federal income tax you withheld. Simply put, it’s a report on what you paid the employee over the course of the year-including bonuses and tips-and total payroll taxes-income withheld for things like social security taxes, pension, Medicare taxes, or 401k savings. A W-2 form is a year-end tax document that you’ll fill out as an employer.
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