To submit this form, you can email it to the designated HR address or fax it to the payroll department. For online submissions, access the designated portal to upload your form securely. Ensure that you retain a copy for your records after submission.

For the year 2024, ensure all payroll registers are finalized and submitted by January 31 for W-2 distribution. Plan also for any fiscal audits that may require previous year submissions by March 15. Understanding these dates will facilitate smoother operations in payroll management.

The purpose of this form is to provide an accurate summary of employee compensation and deductions over a calendar year. It helps organizations ensure compliance with tax regulations and provides a basis for payroll audits. Additionally, it serves as a reference for employees regarding their earned income and deductions.

• 1. Employee Name: The full name of the W-2 employee.
• 2. Total Compensation: The gross annual pay excluding severance.
• 3. Deductions: Total of all deductions such as retirement contributions and taxes.
• 4. Net Pay: Final amount payable to the employee after all deductions.
• 5. Organizational Totals: Summaries of totals across all employees.

Failure to submit this form may result in non-compliance with IRS regulations. This can lead to delayed tax reporting and potential penalties for the organization.

• IRS Penalties: Late or inaccurate submissions could incur substantial fines.
• Employee Frustration: Employees may become frustrated due to lack of their year-end compensation summaries.
• Audit Risks: Inadequate payroll documentation increases audit risks for the organization.

• 1. Year-End Tax Reporting: Essential for preparing W-2 forms for employees.
• 2. Audit Preparation: Helpful for gathering necessary records for audits.
• 3. Financial Reporting: Used for compiling data for financial statements.