![]() ![]() Everyone who works for you needs to fill it out and submit it to their employer. Since it needs to be provided to the IRS by this time, it makes sense to do all copies at once to be sent to everyone who needs one.Ĭompleting a W-4 is an essential step in the process of hiring a new employee. ![]() When are W-2 forms due?Īs an employer you’ll submit an electronic copy directly to the IRS usually by January 31 for the previous year. While the W-2 lists their income tax withholding, an employee may lower their tax liability after the fact by filing deductions or using tax credits. They’ll use the information from their W-2 to complete their tax return. The amount of taxes you withhold will depend on the employee’s total wages for the year.Įvery one of your employees gets a W-2 (usually by mail) at the end of the tax year. It also reports how much federal income tax you withheld. Simply put, it’s a report on what you paid the employee over the course of the year-including bonuses and tips-and total payroll taxes-income withheld for things like social security taxes, pension, Medicare taxes, or 401k savings. A W-2 form is a year-end tax document that you’ll fill out as an employer.
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