Everyone who works for you needs to fill it out and submit it in the first month of their employment. It tells you exactly how much money you should withhold from the employee’s paycheck for the IRS. This will be based on their wage, as well as the number of allowances they qualify for.

Who can issue a W-2?

Employers send employees a Form W-2 in January (and a copy to the IRS). Employees use Form W-2 to prepare their tax returns. Every employer that paid you at least $600 during the year has to provide you with a W-2 and send a copy to the IRS and the state.

What do you need to know about the W2 form?

Get all the details below so that you can make sure that you fill out the W2 correctly for your employees. What is a W-2? A W-2 is a form given to an employee and the IRS to show the how much an employee earned during the tax year and provide a breakdown of the taxes an employer already withheld based on those earnings.

How many copies of W-2 do you need for employer?

Employers are required to produce six copies of the W-2. Three go to the employee, two go to the government, and the employer keeps one for their records. You can order W-2 forms from the IRS via mail or online here. If you need a refresher on how to fill out a W-2 form for your employees, get a recap below. How to Fill Out Your Employees’ W-2s

What happens if you make a mistake on Form W-2?

You may cause more work for yourself, delay tax returns and refunds for employees, and accumulate fines. You should carefully review each Form W-2 before you send it to the Social Security Administration and your employees. The only way to avoid mistakes is to know what they are in advance.

Where can I find a copy of my Form W-2?

Discover the common errors people make on Form W-2, such as sending out a handwritten W-2 form. You can view Form W-2 on the IRS website. But, that version is only for information purposes. Do not download and use Form W-2 from the IRS website. Instead, you must buy official copies of Form W-2.