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W-3 Form

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W-3 Form

What is Form W-3?

Form W-3, titled “Transmittal of Wage and Tax Statements,” is a summary form employers in the United States use to transmit copies of Form W-2, Wage and Tax Statement, to the Social Security Administration (SSA). The W-3 provides an overview of the total wages, Social Security wages, Medicare wages, and taxes withheld for all employees during the tax year.

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Key Components

  1. Employer Information:
    • The form includes information about the employer, including the employer’s name, address, and Employer Identification Number (EIN).
  2. Control Number:
    • Employers may use a control number to identify individual submissions. The control number on Form W-3 should match the control numbers on the related Form W-2.
  3. Employee Counts:
    • The employer reports the total number of W-2s being transmitted and the total number of employees for whom W-2s are being filed.
  4. Wage and Tax Information Totals:
    • Form W-3 includes boxes to report totals for various wage and tax information, including total wages, Social Security wages, Medicare wages, and total federal income tax withheld.
  5. Medicare Tax:
    • The total Medicare tax withheld by the employer is reported on Form.

How to Use

  1. Compile W-2 Forms:
    • Before completing the Form, the employer must ensure that all individual W-2 forms have been accurately completed for each employee.
  2. Verify Totals:
    • Summarize the total amounts from all forms for the tax year. Verify that the totals for total wages, Social Security, Medicare, and taxes withheld match the corresponding figures on the W-3.
  3. Complete Form W-3:
    • Fill out Form W-3 accurately, providing all required information, including the employer’s details, control number, and total figures for wages and taxes.
  4. Submit to the SSA:
    • Mail or electronically submit Form W-3 and Copy A of all W-2 forms to the Social Security Administration by the applicable deadline. The deadline for paper filing is typically the last day of February; electronic filing is typically the last day of March.
  5. Retain Copy for Records:
    • Keep a copy of the Form for the employer’s records. This copy may be needed for reference in case of inquiries or audits.
  6. Ensure Accuracy:
    • Review the information on the form to ensure accuracy before submission. Any discrepancies or errors should be corrected before filing.
  7. Use Correct Forms:
    • Use the most current version of Form W-3 and ensure that it is compatible with the version of the W-2 forms being submitted.

Conclusion

Form W-3 serves as a summary transmittal document for the related W-2 forms, providing the Social Security Administration with an overview of the employer’s wage and tax reporting for the tax year. Employers need to file the Form accurately and on time to comply with IRS regulations. Employers should refer to the most recent IRS instructions for Form W-3 for detailed guidance on completing the form and meeting filing obligations.

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