Who gets a W2? Any employee you've paid within the previous tax year, between January 1st and December 31st. The W2 form is important because it's how you report the total wages and compensation for the year to both your employee and the IRS. Your employee will use the W2 form you provide as they prepare their own personal tax return for the year.
As an employer, it's your responsibility to make sure the form is accurate and delivered by the IRS deadline. Otherwise you could face stiff penalties! A payroll service can help you get all the information you need to prepare your W2s correctly and with plenty of time. Do you want to learn more about the difference between a W2 and a 1099 form? Click Here.