How to file W-2 Form online for 2020 Tax year

  Every year employers are responsible to  provide W-2 Forms for their Employees by mentioning their wages and tax withheld from the paycheck. This helps employees to file their tax returns.  Employers are supposed to distribute employees copies before February 1,2021 . Failure to do so, or to file your W-2s by the IRS deadline, could result in penalties. Penalties for Failing to File on Time The penalty rates are determined by the IRS based on the delay in time to file and the size of the business.  If you fail to file W-2 on time, the IRS can assess a penalty of $50 per W-2 Form if you file the correct form within 30 days of the due date. The maximum penalty is $556,000 per year or $197,500 for small businesses.   If you file after 30 days of the due date or before August 1, the fine increases to $110 per form, with a maximum fine of $1,696,000, or $565,000 if you operate a small business.  Failure to file forms by August 1 results in a fine of $280 p...

Are you a business owner and running a business in the United States?  You are supposed to file your annual wages to those who work for your business and that details must be reported with the Social Security Administration (SSA) and the Internal Revenue Service (IRS) as well.  Once you determine whether someone who works for your company is an employee or an Independent contractor you will get to know which reporting form to give that individual.   Employee vs Independent contractor To Reduce confusion, the IRS published some criteria to determine whether an individual needs to file Form W-2 or 1099-NEC.  If a business owner hires an individual and pays wages, tips, and other compensation for a tax year they are supposed to report Form W-2, or If a business owner paid more than $600 for an independent contractor in a tax year then they have to file Form 1099-NEC . W2 Form:    IRS Form W-2 is used to Report employee’s annual wages and the amount of tax...

  IRS Form W-2 is used to report the employee’s annual wages and taxes (social security, income, and Medicare) withheld from the employees to the SSA. Generally, we have two methods: paper filling and E-filing. However, E-filing is the most preferable method to file Form W-2 with SSA. To help you e-file W2 with the SSA, TaxBandits is here!  TaxBandits is an IRS authorized e-file provider. When you file your tax returns with TaxBandits, every form will be checked against the IRS business rules and validated. This ensures that your forms will reach the SSA without errors, and the chance of getting a rejection is lower.   Whether you want to e-file W2s for 10 employees or 10,000 employees, we have solutions for businesses of all sizes.   Top 5 Reasons to File W-2 Form with TaxBandits Support both Federal and State Filing TIN Matching Support Bulk Filings Online Access Portal Postal mailing service to distribute recipient copies Support both Federal and State Fil...

Form W-2   If you are an employer in the United States you are supposed to file Form W-2 ,” Wages and Tax Statements”, and a copy of the form must be sent to the employee every year. The Form used to report the detail of wages paid to the employee and tax withheld from their wages. All full-time employees are subjected to W-2 withholding every year. Now, you may have many questions regarding W-2 filing, For Example, When & How to E-file W-2 . In this article, we will address information all you should know about the W-2 Form for the 2020 Tax Year. What is W-2 Form? IRS Form W-2 is used to report employees gross wages paid and the taxes (social security, income, and Medicare) withheld from the employees to the SSA (Social Security Administration) for the annual year. The SSA will use the W2 information to determine the Social Security benefits for each employee. In case If you hire independent contractors and pay them more than $600 in an annual year, then you’ll fill out ...