W-2 Federal Tax Forms and Associated Transmittal Reports.

Accuchex prepares employee W-2 Tax forms as well as the associated transmittal reports. We offer reliable services for W-2 Federal Tax Forms in San Francisco, California.

What is a W-2 tax form? An employee’s W-2 form shows the total amount of taxable earnings and taxes withheld from their paycheck for a calendar year and is used to report year to date federal, state, and local earnings and taxes.

Employers are required by the IRS to report wage and salary information for employees on the Form W-2 and make them available no later than January 31 following the close of the previous calendar year. The Form W-2 also reports the amount of federal, state and other taxes withheld from an employee’s paychecks for the calendar year.

W-2 Wages and Withholding

For an employee, the information on the Form W-2 is extremely important when preparing their own annual tax returns typically due each year by April 15. An employee will receive one W-2 form from each employer entity from whom they earned wages during a calendar year. Note: Independent contractors and self-employed people will receive a Form 1099 Earning Statement rather than W-2 form.

The numbered boxes on the W-2 Form report various items relating to income earned.

For example:

  • Box 1 indicates the total taxable wage and salary payments made to the employee that is subject to Federal Income Tax for the tax year
  • Box 2 shows the total amount of federal income Tax withheld for the tax year.
  • Box 3 shows the amount of taxable income that is subject to Social Security Tax or OASDI.
  • Box 5 shows the amount of taxable wage and salary payments that were subject to Medicare Tax.

Other boxes refer to retirement contributions, Medicare Taxes, State Income Taxes and State Disability taxes, as well as other local taxes, if applicable. Thresholds for subject wages will often change and adjust each year – refer to the back side of the official form for a complete description and explanation of each box.

Employers are required to withhold amounts for employees’ paychecks and those amounts are remitted to the Federal, State, and local tax agencies throughout the year. When wage earners prepare their own Federal, State and local tax returns for the April 15 deadline each year, the information needed to calculate the total tax bill is on the W-2 Forms – wage earners should always verify the accuracy of their legal name and social security number. Typically, a copy of the W-2 form is attached when filing individual tax returns.

Employers are also required to file their employees’ individual W-2 information directly to the IRS and the appropriate state tax agencies. These filings are reconciled to the company tax returns.

Accuchex is here to help with your W-2 Federal Tax forms in San Francisco, California. Contact us for all your W-2 Tax Form needs.

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