The Planner

Filing W2s and W3s

Scroll down to see more
Arrow down button
The Planner illustration graphic
Login
Close popup button
January 9, 2017
By
Core Group US
Small Business
Filing W2s and W3s


Filing the appropriate forms with the Internal Revenue Service (IRS) is of the utmost importance for owners of both large and small businesses, so if you have questions about whether you need to file W2s or W3s, it is critical to speak with a company that is well-versed in financial management.

Who Needs to File W2s?


Employers must file a Form W2 for each of the employees to whom they pay a salary, wage, or other types of compensation. This requires filling out the appropriate form and sending each employee a copy on or before January 31st of each year. The form must contain specific information, including:

The total amount of money made by the employee that year;
The amount of state and federal taxes that were withheld from the employee’s paychecks; and
How much money the employee made in tips.
Employees then use this information to complete their individual tax returns.

Filing a W3


Employers must also record each employee’s total earnings, social security wages, Medicare wages, and withheld taxes on Form W3. This information is then sent to the Social Security Administration (SSA) no later than the end of February. Both W2s and W3s must be sent to the SSA at the same time. Furthermore, the totals on an employee’s W2 and those on his or her W3 must match, making it especially important for employers to implement an accurate method of tracking employee wages and deductions. An employer who fails to turn in this documentation to the SSA and his or her employees’ risks being assessed fines and attracting the attention of the IRS.

Contact a Member of the CORE Financial Management Team Today


Although filling out W2s and W3s may seem like a simple process, it can become complex for companies with a lot of employees, so if you live in Oklahoma and are in the process of completing this documentation for your own employees or have other questions or concerns about tax planning, please contact the CORE financial management team to schedule a consultation with a dedicated employee. Members of our team can be reached at our Oklahoma City office at 405-288-1207, while those at our Tulsa office can be contacted by calling 918-209-3441. If you live in or near Lawton, please call us at 580-353-2376 to set up a meeting with one of our knowledgeable employees.

Ask Us a Question
Seems like no one has asked a question yet. Be the first one to do so by filling the form below
Thank you for engaging with us!
We’ll review your question and notify you as soon as we post our answer as quickly as possible. If you have any other questions, you can reach us at your earliest convenience
Oops! Something went wrong while submitting the form.
More Related Content
We couldn't find any related content.
Corey using his computer

Ready to learn how to lower your taxes with better planning?

Nobody can predict the future, but we can get pretty close. We can show you what your future looks like when you have Core Group in your corner.

Schedule Free Consultation
Contact Us
We respect your Privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Close popup button