All employers need to consider several aspects when hiring. Various things need to be kept in mind. Several rules need to be followed. These rules also include filling up some forms to notify the government of your status. However, this form is not known by everyone. This article mentions everything you need to know about the form W-3. This form is important for all employers. Hence it must be understood properly, from what it is to how to fill it. This article talks about everything in detail.
Know about W-3 Form
Form W-3 is a form that talks about employee wages and tax withholdings. This is submitted to the Social Security Administration. This is a very important form for the employer. This helps the government monitor whether all employees are being paid. This also helps the government track whether the employer is following the minimum wage rule. Due to this form being in place, employers are less likely to scam their employees. This form combines the information of all the employees. It isn’t an individual form. This means that it talks about all the employees, instead of just one.
Step-1
It is simple to fill the form out and it isn’t very complicated. First, it requires some basic information. This information is usually not very personal. The form has several boxes and depending upon the situation, you need to fill out the form. The first few boxes only talk about the place of work. This may include things like location, type of work, etc. The purpose of this section is to describe the company.
Step-2
The next section talks about the kind of tax payer you are. To fill this section, most private organizations take the help of their accountant. This section needs to be filled very carefully. It is this section that determines the payment of the employees and other important factors. This section is usually filled out after taking into account the advice given by the accountant.
Step-3
The next section requires you to mention the kind of employer you are. Usually, government offices have options. Private sectors usually select the option ‘none of the above’ or ‘none of the mentioned’.
Step-4
The next section talks about income taxes and the payment range. Also, this section requires you to combine all information from the W-2’s and put it in the form. This section is usually long and can be a bit tiring. You can fill the form in both ways, physical and electronically. Form W-3 allows the employers to either mail them electronically or physically.
If the employers have more than 250 W-2 forms, then it is mandatory to be filed by e-mail. Filing it by mail requires the employers to update payment status and wage files. When you file it physically, you cannot print it.
Conclusion
The red color on the form cannot be printed and can be penalized. Hence, it is mostly advisable to email the files. This form is very vital and hence every employer must understand this form. This article is easy to follow and this contains almost all you need to know about W-3 form.
