W-2's & 1099's Due January 31st
Does your business have employees or hire independent contractors to do work for you? If yes, you are required to hand out and file with the social security administration 2017 W-2's & 1099's before January 31st, 2018.
W-2's are an annual statement given to an employee if they were paid more than $600 a calendar year. W-2's show the employees' name, address, social security number, and the amount of wages, tips, or other income they made from a particular organization during the year. It also shows the amount of Federal Income tax, Social Security tax & Medicare tax withheld.
1099's are annual statements given to independent contractors who were paid more than $600 a calendar year. You would also file this form for each person you paid at least $600 during the year in:
- prizes and awards;
- other income payments;
- medical and health care payments;
- crop insurance proceeds;
- cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
- generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
- payments to an attorney; or
- any fishing boat proceeds,
Filing W-2 and 1099 forms are fairly easy if you perform payroll in house. If you hire an outside firm to do your payroll, then they should complete and file these forms for you. If you perform payroll in house, but need help filing these forms give CFO 4 Your Biz a call and we will be able to assist you.