All employers must file a Form W-2

Yes, all employers must file a Form W-2 for each employee that they paid during the year. Form W-2 reports the wages, tips, and other compensation that an employee earned during the year, as well as the taxes that were withheld from the employee’s paycheck. Employers must file Form W-2 with the Social Security Administration (SSA) and the Internal Revenue Service (IRS) by January 31st of the year following the year in which the wages were paid. Employees should receive a copy of Form W-2 from their employer by January 31st as well.

Employers who fail to file Form W-2 on time may be subject to penalties from the IRS. The penalties can be as high as $530 per form, per employee.

Here are some of the information that must be included in Form W-2:

  • Employee’s name
  • Employee’s Social Security number
  • Employer’s name
  • Employer’s EIN
  • Wages, tips, and other compensation
  • Federal income tax withheld
  • Social Security and Medicare taxes withheld
  • State and local taxes withheld
  • State unemployment insurance taxes paid
  • Federal unemployment insurance taxes paid
  • Any other relevant information

Employers can file Form W-2 electronically or by paper. The IRS provides a variety of resources to help employers file Form W-2, including instructions, forms, and publications.

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