If you have W-2 employees you’ve paid in the last calendar year, you probably need to complete Form W-3, Transmittal of Wage and Tax Statements with the Social Security Administration.
Who really needs to send in a W-3? How do you ensure you’ve filled it out completely? Read on to get all the answers.
A W-3 is used to share all the information from your employees’ annual W-2s with the Social Security Administration. It serves as a summary sheet, providing the totals for the boxes on each employee’s Form W-2. It must be used by employers, even if only one W-2 is filed.
Please note: If you are filing W-2 forms for more than 250 employees (and therefore required to electronically submit them), a W-3 is not required.
To complete Form W-3, you will need the following:
Your W-3, along with the corresponding W-2s, needs to be filed by January 31.
Boxes A-H are for information about your business from the type of organization you are to your EIN to your address. Fill each of these in. You may also want to enter the name and contact information for any employee that is authorized to speak to the Social Security Administration should any questions come up.
Next, you’ll fill out the numbered boxes:
Be sure to verify that the totals entered on your W-3 correspond with the totals from the W-2s you submitted. You’ll also want to double-check that the totals on your W-3 match those submitted on your 941, 943, or 944 forms throughout the year.
And that’s it!
If you’re using a full-service payroll service provider, both your W-2s and W-3 will probably be filled out automatically. Those businesses with 250 or more employees will need to file their W-2s electronically and will not need to complete Form W-3.
For additional instructions and information on Form W-3, visit the IRS website.