Form W-3

What is Form W-3 ?


Form W-3, known as the Transmittal of Wage and Tax Statements, is a summary tax form used by employers to report total wages, tax withholdings, and other payroll information for all employees to the Social Security Administration (SSA).

Who is Required to File Form W-3?

Any employer who issues W-2 forms to employees must also file Form W-3. This requirement applies to all businesses, regardless of size, and includes both part-time and full-time employees.

What Information is Included in Form W-3?

Form W-3 includes aggregate information from all employee W-2 forms. This data encompasses total wages paid, Social Security and Medicare taxes withheld, federal income tax withheld, and other relevant compensation and benefits information for the workforce.

When is the Deadline to File Form W-3?

The deadline for filing Form W-3 is January 31st of each year. This is the same date by which employers must furnish W-2 forms to their employees.

How Can Employers File Form W-3?

Employers can file Form W-3 either electronically through the Business Services Online (BSO) portal or via mail. E-filing is generally preferred for its efficiency and reliability.

What Are the Differences Between Form W-2 and Form W-3?

While Form W-2 is an individual wage and tax statement for each employee, Form W-3 serves as a summary of all W-2 forms, providing collective wage and withholding information for the entire workforce to the SSA.

Why is Form W-3 Important for Employers?

Filing Form W-3 accurately and on time is essential for employers to comply with IRS regulations. It ensures that employees' social security benefits are correctly calculated and that the tax system functions effectively.

Where Can Employers Find the Latest Information and Updates on Form W-3?

The most current information, updates, and forms can be found on the official IRS website. Employers are encouraged to consult these resources or a tax professional to stay compliant with the latest tax laws and filing requirements.