What is a Form w3?
This is a tax form that employers use to report to the Social Security Administration and the IRS the total employee income. The employers who submit greater than one W-2 form to the employees are required to fill the form and submit it by mentioning every payment of the employees.
Information to be included in the W3 form:
- Overall Social Security tax withholdings
- Total wages paid to the employees over the year
- Every business information of yours consists of Employer Identification Number, details about the legal address, and other details
- Total Medicare Tax withholdings
- Total federals and state income tax withholdings