FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc. 1 7300. Payroll Guide, 7346 Forms W-2, Wage and Tax Statements A. The Purpose of This Policy The purpose.

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Presentation transcript:

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7346 Forms W-2, Wage and Tax Statements A. The Purpose of This Policy The purpose of Internal Revenue Service Form W-2, Wage and Tax Statement, is to report to employees, the Internal Revenue Service and state taxing authorities the amounts of annual wages and taxes withheld for each employee. B. Responsibilities The payroll service is responsible for annually preparing completed Forms W 2 to all current and past employees with earnings during the past year. Employers must distribute Forms W-2 to employees by January 31 each year for the prior calendar year. Employers must distribute Forms W-2 to the Internal Revenue Service by the last day of February. Continue ►

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7346 Forms W-2, Wage and Tax Statements C. Procedures for Forms W-2 The payroll company prepares Forms W-2 in six copies. The parts are described (in order) below: Copy A:For the Social Security Administration. Copy 1:For state, city and local tax agencies. Copy B:For the employee to file with his or her federal tax return. Copy C:For the employee's records. Copy 2:For the employee to file with his or her state tax return. Copy D:For Company records. Continue ►

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7346 Forms W-2, Wage and Tax Statements C. Procedures for Forms W-2 (cont.) The payroll service mails the completed copies "B," "C" and "2" to current and former employees. If any are returned by the post office as undeliverable, the general manager or, where applicable, the office manager attempts to obtain a corrected address and mails the form again. The accountant files copies "D." He or she sends copies "A" and "1" to taxing authorities with accompanying forms. See the related policies. For more information, see the online IRS document, Instructions for Forms W-2 and W-3.online IRS document, Instructions for Forms W-2 and W-3 Continue ►

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7346 Forms W-2, Wage and Tax Statements D. Form W-2c Use Forms W-2c to correct errors to Forms W-2 that have already been distributed. E. Tax Law Changes Tax laws change frequently, so check with the Internal Revenue Service and review its bulletins regularly. End

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7346 Forms W-2, Wage and Tax Statements