PowerPoint Assignment Research each of the following: W-2 W-3 Assignment Requirements: Create and post a PowerPoint presentation In your own words, define each, explain the purpose, and who uses the...

FORM W-2 & W-3
FORM W-2 & W-3
FORM W-2 Purpose & Uses
This is an IRS form in the US which reports the amounts paid by the Employer to the employees and the taxes deducted by the employer. The employer has to fill form W-2 for every employee to whom the wages are paid.
Form W-2 will be received by the employee if they have earned more than $600 in a year and the employer has to send the same on or before 31st January to give the employees enough time to file their returns .
This is used by the IRS to track the earnings and tax liability of the employees. This is not required for people who are self employed or contract labor.
Employers make use of form W-2 to report the taxes of the employees to FICA
FORM W-2 Details and Steps
Form W-2 contains both the numbered and lettered boxes to be filled out by the employer..
BOXES A to F
This contains the name, address, EIN and Control Number of the employer and Name and address of the employee.
BOXES 1 to 20
Box 1 & 2 requires the total amount of compensation paid to the employee and the amount of Federal tax withheld from the employee.
Box 3 & 4 denotes the amount of social security earnings and the SS Tax withheld.
Box 5 & 6 shows the amount of medicare wages paid and the amount withheld on the it.
Box 7 & 8 shows the amount of tips collected and allocated.
Box 9 is...