W-2 Form 2024: An Overview
Whether you’re running a small business or operating a large workforce, ensuring that you complete and furnish the necessary tax forms accurately for your employees is crucial. Form W-2 is one of the most important forms that you, as an employer, are responsible for managing.
Here is a comprehensive guide to help you understand the W2 form for 2024, when to complete it, the filing requirements, the deadline, and more.
Table of Contents:
Key Takeaways About Form W2
- Form W-2 is used by employers to report an employee’s annual wages, tips, and tax withholdings, including federal, Social Security, Medicare, and any state or local taxes.
- Employees need Form W-2 to file their own tax returns, as it summarizes their income and taxes withheld for the year.
- Employers must file Form W-2 with the SSA (either electronically or by paper )and provide copies to employees by January 31 to avoid penalties.
- Employers filing 10 or more tax returns must file W2 forms electronically.
Who must file Form W-2?
As an employer, you must file Form W-2 if you’ve,
-
Withheld any Income, Social Security, or Medicare taxes from your employee wages, regardless of the
wage amount. -
Paid $600 or more in wages to any employees even if there was no withheld Income, Social Security, or
Medicare taxes.
Note: Wages paid to contractors or other non-employees are not reported in W2. You must file a 1099 form instead. Click here to learn more about Form 1099.
What information must be reported on a W2 Form?
To file your W2 form, you’ll need the following information,
- Employer information: Provide basic information, such as name, TIN, and address.
- Employee information: Provide the employee’s basic information, such as their name, TIN, and address.
- Wage information: Provide a detailed breakdown of wages paid to the employee. This includes,
- Federal taxes withheld: Provide a detailed breakdown of taxes withheld from the employee wages. This includes,
- State and Local information: Based on where your business operates, and where the employee resides, you may need to report certain state-specific information, such as the employer’s state ID number, state income, state income tax withheld, local income, local income tax withheld, and locality name.
Click here to learn more about the step-by-step instructions to complete the W-2 form.
Is there an option to request an extension to file the W2 form?
Yes, you can request a 30-day extension to file Form W-2 with the SSA by submitting Form 8809 to the IRS. Extensions are granted only for specific reasons, such as disasters, serious illness, or first-year business operations. Note that this extension isn’t automatic; Form 8809 must be submitted on paper.
Click here to learn more about W-2 extension Form 8809.
Note: Form 8809 grants an extension only to file your W-2. If you need an extension to furnish recipient copies, you can use Form 15397 or send a letter to the IRS.
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