The IRS requires most employers to file payroll Forms W-2 and
W-3 at the beginning of each year for the previous tax year. . Form
W-2 (Wage and Tax Statement) is the multi-part end-of-year form
that is sent to each employee and submitted to federal, state, and
local tax agencies. . The form shows an employee's wages and taxes
withheld for the year. . Form W-3 (Transmittal of Wage and Tax
Statements) is a summary of all the W-2 forms you are submitting to
the federal government.
Employers must give their employees copies of their Form W-2 by
January 31. . Additionally, employers must file Copy A of each W-2
with the Social Security Administration, along with a Form W-3, by
February 28 (or March 31 if you file electronically).
To prepare a Form W-2 or W-3 in QuickBooks:
- From the Employees menu, choose
Process Payroll Forms, choose State
form and click OK.
What to do with Forms W-2 and W-3:
- Copy A to be filed with the Social Security
Administration.
- Copy B to be given to the employee.
- Copy C with instructions and Notice to
Employee to be given to the employee.
- Copy D keep for your records.
- Copy 1 to be filed with state and/or local tax
departments, if required.
- Copy 2 to be given to the employee.
Note: Keep two copies of Form W-3. . Use one to
file with Form W-2 with the Social Security Administration. . Keep
another copy and Copy D (For Employer) of Forms W-2 with your
records for four years.