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Understanding QuickBooks W-2 Form and Why it is Important

If you are running a small business and have a good financial track record for the last few years, then adhering to tax liability must be your prime objective. Consequently, you require issuing tax forms (recommended by the Internal Revenue Service, or other supervisory bodies) to your employees on a routine basis. The tax form is generally known as W-2 forms that speak of your financial transactions made on payrolls, including the payment made to the vendors if liable. It is also known as “Wage and Tax Statement.”

Issuing W-2 forms to your employees might appear to be tricky to some extent, but it can no longer be a complicated process if you are using QuickBooks accounting software suite for your small business.

QuickBooks is counted among very few accounting software suites that include convenient and user-friendly features. And preparing payroll through QuickBooks is somehow the most convenient thing that you can easily and flawlessly conduct the process with the utmost precision.

Quickbook-w2-form

There are some tricky aspects involved in creating W-2 forms, including some numbers and codes in the form, which may put some sorts of technical hindrances in the way. But you do have a good opportunity to avoid such hindrances by contacting an expert for real-time tech assistance for QuickBooks W-2 forms.

Why W-2 is important?

If you are a law-abiding businessman and you don’t want to see any financial mistake in your business books, then W-2 form is probably one of the most important things to preserve your financial integrity. It is a simple informational form that informs the government and concerning supervisory body that how much you have remunerated your employees or paid to your vendors. And you are required to fill the form and send the same to your employees and vendors before January 31 (which is a deadline set by officials).

How to fill up the Wage and Tax Statement in your QuickBooks?

As mentioned above, it is quite easy to create the form and send the same to employees if you are using QuickBooks accounting software suite. Here are some recommended steps for reporting the statement in your accounting software suite:

  • Open QuickBooks and go to the Employees tab.
  • Choose “Payroll Tax Forms & W-2s” option and after that tap on “Process Payroll Forms” option.
  • It comes out with a special window that you have to fill up with appropriate information.
  • Fill the required field with relevant detail such as Employees’ name, Social Security number, Salary, Employees’ state ID number, tax amount, and many more.
  • Afterward, a new window pops up asking you to fill up federal Employer Identification Number.

So once you complete the form, you can have a glance at the given data and employees’ information so as to make sure the details are correct. And finally, Click “OK,” then select “Submit Electronically” option to add it into the payroll menu.

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