W-3 Form
When W-2 forms are submitted to the Social Security Administration (SSA), a summary transmittal form known as the W-3 form is included. Employers use it to report the total earnings, withheld taxes, and other information for all of their employees. The SSA receives an overview of the employer’s payroll data on the W-3 form, which serves as a summary document for the W-2 forms.
The employer’s name, address, and employer identification number (EIN) are all crucial details on the W-3 form. It also includes the total number of W-2 forms submitted and all employees’ wages and taxes withheld. For the purpose of administering Social Security benefits and verifying employee income reports, the form ensures that the SSA receives accurate and complete information about an employer’s payroll.
By the end of February each year, employers are required to submit the W-3 and W-2 forms together. The form assists the SSA in reconciling the individual W-2 forms and ensures that the information regarding reported income and taxes matches the records of the employer. Additionally, it enables the Social Security Administration (SSA) to cross-check employee tax return information.
In short, employers use the W-3 form to report their employees’ earnings and tax withholdings to the Social Security Administration. It helps the SSA verify the accuracy of the individual W-2 forms and provides a consolidated overview of the employer’s payroll data. To comply with reporting requirements, employers must submit the W-3 and W-2 forms to the SSA by the specified deadline.
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