From the course: Business Tax Foundations

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Submitting your W3

Submitting your W3

From the course: Business Tax Foundations

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Submitting your W3

- [Instructor] Most people who pay attention to their taxes are probably at least vaguely familiar with the W-2. But what people don't think about is how it works. When you give a copy of a W-2 to an employee, the government needs to get that same information. That's how they prevent tax fraud after all, right? The W-3 accomplishes that goal. This is a generic copy of a W-3. Now, when you submit this to the government, you will also need to submit copies of the W-2s. These go to the Social Security Administration. This is typically done online through Business Services online. That'll make the process much more efficient. Generally, it can be done through the Social Security Administration's portal and you'll have an automated report that's spit out of your payroll tax software, but for right now, let's just talk about the W-3. So, up here in Section B, you're going to check the type of payer you are. In most cases, you'll probably be a 941 payer. If you're a non-profit organization…

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