As the holiday season is approaching, it can mean only one thing; TAX TIME IS HERE AGAIN. With the onset of a new year, all businesses must disclose employee wage and vendor payments for the prior year through W-2 and 1099-Misc. forms. As you look to prepare these forms there are a number of things to keep in mind.
This will be the second year, W-2 forms will include the additional .9 percent Medicare surtax and possibly health insurance premium reporting. Employees who had wages over $200,000, which resulted in the additional .9 percent Medicare surtax being withheld from their paychecks, will have the amount reported with their normal Medicare withholding in box six of the W-2.