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Form W-2 is a tax document utilized for reporting employee wages and the corresponding withheld taxes, including social security, income, and Medicare taxes. Employers should send the W-2 Form to the Social Security Administration (SSA). Depending on the regulations in your state, you might also be required to file Form W-2 and additional reconciliation forms with the relevant state authorities.
Review the state filing requirements for your W-2 form.
Time Limit | Minimum Penalty per Form | Maximum Penalty per Year |
Filed within 30 days | $60 | $630,500 ($220,500 for small businesses) |
After 30 days and before August 1 | $120 | $1,891,500 ($630,500 for small businesses) |
After August 1 | $310 | $3,783,000 ($1,261,000 for small businesses) |
Fraudulent Filing | $5,000 or more |