Holiday catalogs have been piling up on your entry hall table for quite some time now. So it must be getting down to W-2 crunch time. Critical due dates:
- Employees must receive their W-2 copies by Jan. 31, 2014.
- The Social Security Administration (SSA) must receive paper forms by Feb. 28, 2014; e-filers must file by March 31, 2014.
Here’s the scoop on what you need to know to ensure a smooth W-2 process.
Additional Medicare tax reporting. Reporting the 0.9% additional Medicare tax is straightforward for current employees—report in Box 6, along with the regular Medicare tax. However, for former employees who have income exceeding $200,000, and who receive group-term life insurance in excess of $50,000, don’t report the additional Medicare tax on their W-2s in Box 12 with Code N; the uncollected regular Medicare tax is still reported in Box 12.
Health benefits reporting. If you filed at least 250 W-2s for 2012, report the agg...(register to read more)