W-3 Form
Navigating the W-3 Form: A Quick Guide
What Is a W-3 Form?
- Definition: Tax form summarizing combined employee income.
- Usage: Filed by employers to the IRS and Social Security Administration.
- Purpose: Summarizes total salary payments and withholding amounts when multiple Form W-2s are issued.
Who Needs to File W-3 Form?
- Requirement: Every employer filing Form W-2.
- Criteria: Applies to most U.S. employers exceeding $600 in annual wages per employee.
IRS Requirement for W-3 Form:
- Benchmark: Provides IRS with official totals for cross-referencing with individual W-2 forms.
Information on W-3 Form:
- Business Details: EIN, legal address, and contact information.
- Financials: Total wages, taxable wages, federal and state income tax withheld, Social Security and Medicare taxes.
Submission Deadline for Employers:
- Due Date: January 31 each year.
- Shared Deadline: Coincides with mailing employees their Form W-2 copies.
Submission Process for Employers:
- Preferred Method: Submit wage files via the Business Services Online (BSO) portal.
- Paper Copy Phase-Out: IRS and SSA transitioning to stricter regulations, discouraging paper submissions.