QuickBooks is an ideal tool for small and medium businesses due to its features that provide users with greater control over their finances. This software allows you to create invoices, track expenses, manage payrolls, monitor sales reports and cash flow, view customer information, and more. Furthermore, QuickBooks gives business owners the opportunity to access their data from anywhere, anytime by simply logging into their accounts. It also allows users to customize their system according to their preferred settings and make use of the various additional tools available with the software such as online banking, budgeting tools, and inventory management tools. Intuit, the developer of QuickBooks, always keeps on bringing the latest tools to make the use of QuickBooks convenient. In this blog, we are going to introduce a W-2 form. You will learn the importance of the W-2 form, and how to download and use it as well.
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What is W-2 Form in QuickBooks?
The W-2 form is an important document for businesses and individuals that report income to the Internal Revenue Service (IRS). It’s typically used by employers to provide employees with a record of what they earned during the year, helping both parties accurately keep track of their finances. QuickBooks makes it easy to generate electronic W-2 forms, providing users with a more streamlined experience when filing taxes. With QuickBooks, businesses and individuals can easily access their W-2 information to ensure the accuracy of what they’ve reported and what they’re owed. A W-2 form is also called the wages and statement form.
What is the Importance of the W-2 Form?
The importance of a W-2 form can be summarized in the following points:-
- It is used to calculate tax liability and credits: Employers will use information from the W-2 form to track what taxes were withheld from an employee’s wages. This allows individuals to accurately complete their income tax returns since the forms document what was earned over the year and what taxes were taken out.
- It documents an individual’s employment history: A person’s W-2 form acts as a record of their past employment for financial purposes.
- It helps verify Social Security earnings: The W-2 form is used to document what an individual has earned throughout the year and what taxes have been taken out. This information is then sent to the Internal Revenue Service (IRS) each year and also to the Social Security Administration (SSA).
- It helps individuals claim tax credits and deductions: Each person will use their W-2 form to properly file their taxes come April. Taxpayers can determine how much they owe in taxes or if they will receive a refund based on what was reported on the form. Depending on what income items were listed, individuals may also be able to qualify for tax credits and deductions that could eventually lower what they owe the IRS at the end of the year.
- It is used to verify employment: The information listed on a W-2 form can also help individuals prove their income level when applying for any kind of loan or credit card, as well as what type of job they held in the past. Many employers will even require a copy of an employee’s W-2 form before hiring them so they can review what taxes were taken out previously by any previous employer or what other benefits may exist.
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Things to be Remembered before Printing W-2 Form in QuickBooks
Knowing what is required for printing a W-2 Form in QuickBooks is essential to fill your taxes accurately. The following points provide key information about what you need to know before printing a W-2 Form in QuickBooks.
- Before you print a W-2 Form, make sure all the information included on the form is accurate and up-to-date, including employee names, addresses, and Social Security numbers.
- You also need to ensure that all other tax forms related to the employee’s year of employment have been filed correctly before attempting to print a W-2 Form in QuickBooks.
- Lastly, confirm that any previous year’s payroll data has been completely cleared out of the system, as you cannot print a W-2 Form with any old information included.
How to Print W-2 Form on QuickBooks Desktop and Online?
Printing the W-2 forms on QuickBooks desktop and online is very easy. You are highly recommended to follow the mentioned below steps to print the W-2 form successfully.
- First of all, open the QuickBooks on your system.
- Then, move to the payroll tax center
- Here, you are required to select the employee’s tab and then hit the payroll center tab.
- Thereafter, you have to move to the file forms option and then select the view/print forms & w-2s option.
- After that, you are required to enter your payroll PIN.
- The next step is to hit the next w-2 form.
- In doing so, a list of employee details will display in a dialog box. So, you are required to select the employee name whose form is to be generated or you can opt for all from the checkbox.
- Now, you have to select open/save selected
- As the print instructions page appeared, you are required to specify the reason for printing the form.
- Next, you will be asked for loading paper into the printer for printing. So, you are recommended to load paper into the printer.
- Now, a detailed version of the file will open in PDF format. Read the document thoroughly. If you find that all the details are correct, print the form.
- And finally, you are needed to the file and select the print tab.
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Conclusion
The above-given blog has explained all about the W-2 form and we hope that you are well aware of the W-2 form in QuickBooks and you are now able to print this form in QuickBooks successfully. However, if you find any kind of difficulty while printing, you will have to contact our QuickBooks error support experts team.
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