Important Facts About w2 Form Generator
W2 is a form that is a statement that is filled by the employers every year for the employees to showing the employees total gross earnings, social security earnings, Medicare earnings and federal and state taxes. The significant role played by this form is to provide the employees with the information to be included on their tax forms. The Social Security Administration and the IRS will also be able to know that you are filing returns by looking at the form. Another thing that you should know is that the form can be filled online using the software or you can do it manually. Here are some of the things that you can use the form generator for.
To start with you can use the w2 form generator to pull the information about your business. Some of the business information are the employer ID, business name and state tax ID. For you to get the state tax ID you will need to apply to the state revenue department. Unless you have the business information is when you can fill the w2 form.
The information about your employees can also be retrieved using the generator. The social security number or tax identification number, address and the names of your employees are some of the personal information about your employees. With this software you will not have to spend the whole time going through the physical forms which are time-consuming. By just keying in the ID number and all other information will just pop up.
In addition, the generator can also help you in pulling the information about the employees earning. You will have to find the total wages and the withholding charges of the employee’s previous year. You will have to include the total Medicare, total security wages, social tips and the allocated tips as it will help you in filling form w2.
Retrieving information on the employees benefit plans is one of the tasks that you can perform using the w2 form generator. You will be in a position to know the number of employees that are participating in the retirement benefit plan even before you ask them. This will help you in identifying the people who are qualified for the retirement plan in your company.
In addition, it will also help you in retrieving information on the special benefits and adding of control number. When talking about special benefits, we have deductions for the employee’s benefit plans and other deductions. You can as well use the w2 form generator to produce internal control number for the additional employees in case you are paying many employees.