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W-2s: the gift that keeps on giving

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in Office Management,Payroll Management,Records Retention

W-2s can give you aggravation, sleepless nights, you name it.

Critical due dates: Employees must receive their forms by Jan. 31, 2012, and the Social Security Administration (SSA) must receive paper forms by Feb. 29, 2012. E-filers have until April 2, 2012, to file.

Now is the time to review the most common W-2 mistakes and apply some easy tips to avoid them.

Common W-2 errorrs

These common errors arise regardless of how you file your W-2s—on paper or electronically.

1.  941/W-2/W-3 errors. The IRS and the SSA share information. The data you report on your four 941s must match the totals on your W-2s/W-3. Also, ensure that the Employer Identification Number (EIN) that appears on your 941s matches the EIN that appears on your W-2s/W-3.

2.  Errors resulting in out-of-balance forms. Avoid these errors by: (1) using the Social Security wage base for a prior year, (2) using the Social Security wage base for Medicare wages or (3) ...(register to read more)

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