Video instructions and help with filling out and completing When 940 Schedule R Form

Instructions and Help about When 940 Schedule R Form

All right here we're gonna take a look at ferry now w-2 forms when you ask for the w-2 on the IRS website this is what you're going to see the IRS unlike other firms the IRS does not want you to fill out this form online or even to print it out and and do it by hand you cannot do any w-2s or 1099s by hand you will be paralyzed you will get a penalty sent to you for every w2 that you sent in by hand you also cannot again type on these on the screen here you have to go into the IRS and get the actual form and it comes in multiple copies and then you take it to an old-fashioned typewriter and type on it or are you have software and the software has gotten approval from the IRS for their w2 version which will have the correct numbers of the boxes like this button may not look exactly like this but you cannot use this form the time here they're just showing you this for informational purposes if you do this form it cannot scan into their system and then they are not happy with that this word part of the form which is a it's going to and you can see down here at the bottom of each copy where it's going to go this is copy a for the Social Security Administration pay photocopies not acceptable you have to have an original because the photocopies will not scan in their equipment okay do not cut folder staple forms on this page you can see how important it is to be exactly correct okay this next copy says copy one for state city or local tax department so this is where what you would send to South Carolina along with the annual si T reconciliation that we went through in a different YouTube this copy here it says copy be to be filed with the employees federal tax return so this copy has to go to the employee and they can that they are going to then attach it to their tax return if they file a paper tax return this is copy scene for the employees records so that's the copy that the employee would keep for themselves and so that would you would have to give that to the employee by January 31st here is copy 2 to be filed with the employees State return so when the employee fills out their own South Carolina return they would attach this to that return if they did a paper return and copy D for the employer this is the copy that you are going to keep so you can see there's multiple copies here and if you got the ones that go into a old-fashioned typewriter they're all carbonated so that you just type on the top copy and it goes through all these other copies do you have to make certain that you're giving the correct copy to the correct organization and the correct copies to the employee in you keeping the correct copy all right so let's take a look at this w to the employees social security number is up here in box a that has to be correct if you have any errors in that social security number you will be penalized $50 a pop I believe it used to be okay employer identification number that's your federal ID number goes there your employer's name and address the control number is optional some companies want to have their own control number in there however whatever number you want to put in there but it can just be left blank e is the employee's name and initial and then the address below that okay all right let's go to box one this is the employees gross wages that are taxable for fi t so if the employee had thirty thousand dollars of gross wages but they put $1,000 into their 401 K and remember that the 401 K that they have adopted is not taxable for fi T so though in this case box one would be twenty-nine thousand in box one it's the amount that's taxable for the FI t box two is the actual fi t that you would have from their chat for the year obviously these numbers are going to match gonna match this fi t without should match their employees earnings record Social Security wages is how much of the wages gross wages was taxable for Social Security so if they had the thirty thousand gross wages and they had a thousand ow for the 401 K well the 401 K does not affect how much is taxable for FICA and so this box three would have the whole thirty thousand box for is how much Social Security tax did you withhold from that employee this does not include the employers part just the employees partner box five is how much of the gross wages was taxable for Medicare generally this will be the whole gross wages sometimes three and five will be different if the person made more than the maximum for Social Security so if they may say a hundred and twenty thousand of gross wages box three would only have the maximum in it because that's the part that's taxable so the one hundred and seventeen thousand whatever the maximum is for that year would go here and of course the maximum Social Security that you had withheld from that employee would go in box for fox5 would include the whole 120,000 because there is no maximum for Medicare so that would equal the total gross wages and box six is the Medicare that is withheld all right box seven is if our company has waiters and any Social Security tips that are taxable are we going box seven and still of course the Social Security tax withheld that