You must report each employee’s wages and withheld taxes to the Social Security Administration (SSA) on a yearly basis. Form W-2 serves as an annual wage report. The information provided by employers is used to determine worker eligibility for Social Security benefits and the amount of benefits to which workers and dependents are entitled. The data provided by employers on the W-2 form is sent to the IRS to match against the total quarterly tax return amounts that employers have filed.
You must send Form W-2 to employees by January 31. You also need to send Form W-2 to the SSA by January 31. You can mail Form W-2 to the SSA or you can submit the forms online. You must also attach Form W-3, the transmittal form, when you send the forms to the SSA.
Try Patriot’s online payroll software. You can easily print out Form W-2 to send to your employees. Get a free trial now.