A W-2 tax form is a statement employers prepare for their employees. This form includes details about the employee’s total earnings, such as Medicare and Social Security earnings. It also has information about the federal and state taxes withheld by the employee. Individuals should review their W-2 tax forms carefully once a year to ensure the right amount is withheld from their paychecks and that they receive a fair sum.

Different parts of the W-2 tax forms
W-2 tax forms contain numerous parts. Here is a brief overview of different parts of the W-2 tax form.

• Copy A is the part that goes to the Social Security Administration (SSA).

Where can I find W-2 tax forms?
One cannot copy the W-2 tax form from the Internet.

What information is required to be completed in W-2 tax forms?
Information about your business This will include your business name, business address, employer ID number, and business State Tax ID number.

Information about your employees You need to mention the Social Security Number or other tax identification number of your employee, the name and address of your employee, and the like.

Information about employee income The information about total wages and withholdings of each employee for the last year has to be reported. Total Medicare wages, Social Security tips, total Social Security wages, total wages, and other compensation.

Apart from these, you also need to state information on retirement plans and special benefits. Box 12 and 13 of W-2 tax forms talk about retirement plans and employee benefits plans respectively.

What if there are errors made on a W-2 form?
It is recommended to check for common mistakes in tax forms before you send them off to your employees. However, if you have submitted incorrect forms to Social Security Administration, then you must fill and complete W-2c forms. Ensure that you do not miss out on the final deadline for submitting the revised information along with the W-3 transmittal form, which needs to be resubmitted.