As the New Year begins, 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 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 that amount reported with their normal Medicare withholding in box 6 of the W-2.Read More