What you need to know:

• 📎  Use Form W-2 to report an employee's annual wages and the amount of taxes withheld from their paycheck.
• 📎 Employers must file Form W-2 with the Social Security Administration (SSA) and provide copies to employees by January 31 following the tax year.
• 📎 Employees use the information on their W-2 to file their individual income tax returns.
• 📎Include accurate employee information such as full name, address, and Social Security Number (SSN).
• 📎 Double-check all entries, especially SSN and wage amounts, to prevent issues with tax filing or IRS compliance.
• 📎 Employers should keep copies of W-2 forms for at least four years for their records.
• 📎 For electronic filing, use the SSA's Business Services Online (BSO) system for secure submission.
• 📎 If errors are found after filing, submit a corrected W-2 (Form W-2c) as soon as possible.
• 📎W-2 form can be used to report only an official employee's wages, for independent contractors or freelancers employers should use 1099-NEC or 1099-MISC Forms.

Fillable Form W-2: A Comprehensive Guide for Employers

The W-2 form, officially known as the Wage and Tax Statement, is a crucial document in the U.S. tax system. It summarizes an employee's annual wages and the taxes withheld from their paycheck. As an employer, you must complete and distribute this form accurately. This guide will walk you through filling out the W-2 form for the 2024 tax year.

1. Important Notes
2. 1. Copy A of Form W-2 is not scannable. Do not file it with the Social Security Administration (SSA).
3. 2. Scannable Copy A forms can be ordered from the official IRS website.
4. 3. Use this form to provide copies to employees and retain Copy D for your records.

Step 1: Employer and Employee Information

Begin by filling out the left side of the form with the following details:

• • Employee's Social Security Number (SSN);
• • Your Employer Identification Number (EIN);
• • Your company name and address;
• • Employee's name and address;
• • Control number (optional).

Step 2: Wages, Tips, and Compensation

On the right side of the form, enter:

• • Total wages earned during the year (including regular wages, tips, bonuses, and other compensation) on line 1.
• • If the amount is less than $168,600 (2024 wage base), copy it to lines 3 and 5.
• • If total wages are higher, enter $168,600 on line 3 and the full amount on line 5.
• • The report was directly received, and the Social Security tips were reported on line 7.
• • Enter employer-distributed tips on line 8.
• Report dependent care benefits on line 10, including: Dependent Care Assistance Programs (DCAP), Employer-provided dependent care and Non-taxable employer reimbursements.

Step 3: Withheld Taxes

Enter the following tax information:

• Line 2: Total Federal income tax withheld
• Line 4: Social Security taxes (6.2% of Social Security wages in 2024)
• Line 6: Medicare taxes (1.45% of Medicare wages)

Step 4: Additional Information (Lines 11-14)

• Line 11: Report distributions from nonqualified deferred compensation plans
• Line 12: Use single or double-letter codes to report other compensations or deductions
• Line 13: Check appropriate boxes for statutory employees, retirement plan participants, or third-party sick pay recipients
• Line 14: Include any additional relevant information

Step 5: State and Local Taxes

Report state and local tax withholdings as required by your jurisdiction.

1. Deadline for W 2 Form 2024
2. 1. To Employees: Provide copies B, C, and 2 by January 31st following the tax year.
3. 2. To SSA: File Copy A with Form W-3 by the last day of February (or March if filing electronically).

Some states require additional information in specific boxes on the W-2. To ensure you're completing these state-specific sections correctly, refer to your state tax agency's guidelines, which you can find through the FTA Members List by State.