What is W3 Form?
A W3 form, generally known as the Transmittal of Wages and Tax statement form, showcases a whole summary of the income of all the employees, along with the contributions made by them in the previous tax year.
As an employer, you must be aware of the annual reporting of employees’ wages and taxes through the W-2 form. But, you need to be advised that the W-2 form comes under the W-3 part, which is an essential form.
Employers who send more than one W-2 form to employees should send the form to compile their total salary and restricted amounts.
When are W3 Forms Due?
Filing a W3 form with all the W2 forms before the end of January after the tax year. The last deadline to submit the form is January 31st. You must also deliver Copy-A of the W-2 and the W-3 summary.
What Information Should be Included in the W-3 Form?
- Business details, including employee social security number, full address, and other contact information.
- Total salary provided to the employee for the current year.
- Total taxable income for Medicare tax and Social Security tax.
- Total federal income tax and state income tax restricted.
- Total social security restricted.
- Total Medicare tax restricted.
Where do I find my W3?
To find your W-3, you can visit different websites of the IRS. It includes a copy of the same for scanning purposes. It contains information about employer returns and information returns.
Also, See: State Tax Withholding Form