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W-2 Forms, 1099 Forms and year-end practices, procedures

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in Human Resources,Office Management,Payroll Management

Form W-2 and the 1099 series of forms are called information returns. Withheld income and FICA taxes are reconciled quarterly when you file your Form 941 with the IRS. They're reconciled again, annually, when you file a Form W-2 for each employee with the Social Security Administration (SSA). 

Paper Forms W-2 and a transmittal form, Form W-3, must be filed by Feb. 28. Employers filing 250 or more forms must file electronically by March 31.  By Jan. 31, employees must be provided with copies of their W-2 forms. Corrections to W-2s are made on Form W-2c. Independent contractors to whom you've paid at least $600 must receive Form 1099-MISC by Jan. 31. Paper 1099-MISC forms are due to the IRS by the last business day in February. Employers filing 250 or more forms must file electronically by March 31.

Employees may receive electronic W-2 forms, instead of paper forms. E-forms may be posted to the company's website or d...(register to read more)

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