0
Tax season is a particularly stressful time for businesses. The tax rate on a business is much higher than on an individual which puts more pressure on a business to properly fill out all tax information and do it as efficiently as possible to cut down on the amount of time dedicated to it. For this reason it is vital that every business know what a W2 Form is and how to properly submit it to the Internal Revenue Service.
The W2 Form is a form submitted by a business to the IRS that shows how much an employee has earned and how much tax was withheld from their paychecks. A separate W2 Form must be submitted for each unique Social Security Number associated with an employee. An employee that works multiple jobs at one company only needs one form submitted. This form is shared between the IRS, FICA, and the Social Security Administration.
Submitting the W2 Form is fairly simple. The company submitting the paperwork must fill out every box on the form and send it to the IRS mailing address on the form. All of the information should be provided by the individual on the form but questions can easily be answered with a phone call to the IRS customer service center. The professionals at these centers are trained to answer any question involving the proper procedures for filling out all tax forms and can provide this advice at no charge to a business or individual. It is also helpful for a business to hire an individual that only handles tax related forms to ensure that all forms are turned in on time to prevent unneeded government fines and interventions.
It is true that the government puts a huge burden on businesses to comply with a vast number of regulations. These regulations can be complicated and cryptic in nature but the IRS has worked hard to clarify the language on all of its forms and have multiple options available to anyone that still has questions. Accountants are also available to help insure a business is fully compliant with all of the regulations set on businesses.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What tax form should you file for a childcare provider?
Employer reporting wages and withheld tax amounts to an employee childcare provider the Tax information form would be the W-2 form for the employee and the IRS and the state and local taxing district would each get their copy of this W-2 form. Go to the IRS gov web site and use the search box for Publication 15 Employers Tax Guide
Do you pay income tax that an employee owed when they send it in a 1099 form?
Form 1099 is used for NON-employee compensation; for example, a contractor. If the person is an employee, then you need to file a W-2 form to report wages and withholding.
What type of account are Wages payable?
it's a liability account, it is use to record the amount of money employer owe to employee
What is the amount of money you need to make to get a W-2 Tax Form?
There is no minimum....any amount earned as an employee is subject to this reporting.
What is the purpose of a tax sheltered annuity?
Tax sheltered annuity refers to an employee making contributions into his/her retirement plan from his/her wages. If this is a direct contribution to the plan, this means the employee has the benefit of tax-free funds.
If an employee lives in one state and works in another which state shows wages for reporting?
the state he works in .
Can a Ca employer hold an employees wages?
There are situations where a California employer can hold an employee's wages. If the employee's wages are being garnished the employer can hold them.
Can an employer hold a check for the employee not following proper procedures?
No. Your employer can fire you for not following proper procedures, but you are entitled by law to your wages for whatever hours you work. Holding your pay is not proper recourse for failure to follow procedure.
Can you give a sample of warning letter for the employee not reporting on duty?
Yes, definetly you can give a simple warning letter to the employee for not reporting on duty.
If an employee steals from his employer can this amount be added to the employee's wages as taxable income?
This money cannot be added to the employee's wages as taxable income. This money is not theirs and should be reported to the police.
What are Employee wages are an example of?
variable cost
What is Remunaration?
It is the wages and bonuses paid to an employee.
If employer makes a mistake calculating past wages can the employer take back overpayment of wages from employee?
Yes. It is the employee's responsibilty to ensure their salary is correct.
What were wages in pulp mills in 2001?
Employee wages averaged $21.41 per hour in 2001
Could we get reimburse for check issued to wrong employee?
Yes, you may cancel this check or demand reimbursement for whatever the employee owes in excess of their duly earned wages for that pay period. The employee has no entitlement to wages they did not earn.
What percentage can a company garnish an employee's wages?
First, a company can not garnish an employee's wages. A court order is required to begin a garnishment of wages which a company is legally required to follow. Federal law mandates that a maximum of 60% of an employee's income can be garnished. This amount is determined by a judge and varies from situation to situation.
Does the employee have to be served first before they can garnishee your wages?
yes
