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Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
The main difference between W-2 employees and 1099 contractors is whether your business withholds taxes from that worker's paycheck. When you hire a W-2 employee, you're required to withhold ...
In 2011 the requirement was extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property. Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC).
The Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. [46] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31.
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The sums withheld by a business is regarded as a debt to the tax authority, so that on bankruptcy of the business the tax authority stands as an unsecured creditor; however, sometimes the tax authority has legislative priority over other creditors.
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