How To Get W2 From Speedway? [Updated!]

It is no secret that the economy is not nearly as robust as it used to be, and while many companies have changed how they do business, the IRS has not and it continues to put more demands on entrepreneurs.

If you are one of the many business owners who depend on their employees to help them process their taxes each year, you will want to make sure you are paying your employees the correct wages.

One popular scenario that often arises is when an employee earns above the minimum wage but has still not received any form of a W2 (wage and tax document).

In this article, we will discuss three simple yet effective methods to ensure your employees are being paid correctly and on time.

Create A Draft W2 And Forward It To Legal

The most direct solution to this problem is to simply create a draft W2 and forward it to the appropriate parties, including legal. When the employee submits their paycheck, they will see a draft awaiting approval, which will serve as a simple reminder to the tax man that this is still happening. The employee will not necessarily see the need to ask for an extension, as they will simply want to get the job done so they can move on with their lives.

For those who are wondering, a W2 is a U.S. Department of Labor form that tracks employee earnings, taxes and other payroll related information. It is also the name given to the printed form used for submitting this information to the IRS.

Regularly Review Employees’ W2s

Another method of paying your employees on time and correctly is to regularly review their W2s (and all other required payroll documents). If there are discrepancies between your records and what the IRS has on file, take the time to correct them before the end of the year. This will also help you to identify any potential employee fraud so you can address it immediately. For example, if you notice a higher-than-expected amount of withholding has been applied to a particular employee’s paycheck, it may be time to question whether or not they are legally required to file individual returns at all.

It is also a good idea to review other required payroll documentation, such as W-2s from your vendors and suppliers. Verifying that all these records are matching up and correct will help to ensure that you are paying your employees according to the law.

Get Help From An Accountant Or Bookkeeper

Unfortunately, even the most experienced business owners and accountants can run into problems when it comes to payroll. An accountant or bookkeeper can help you take the burden of calculating and distributing your employees’ wages off your shoulders, so you can focus on growing your business.

Payroll is complicated, and even those who consider it a part of their job often find the process stressful. If you are looking to hire someone to take care of your payroll or if you are already outsourcing this function but still struggling with it on your own, the accountants at Costello & Costello may be able to help. We specialize in payroll and tax preparation, and our expertise in this area helps our clients to save thousands of dollars in unnecessary costs each year.

Know When To Hire More Help

Even those who specialize in payroll for a living can find it challenging to keep up with the paperwork and calculations required by the IRS. If you find that you are struggling to keep up with your payroll, it may be time to hire additional help. There are a variety of professionals out there whose expertise involves paying employees; some of the most popular options are payroll services, payroll firms and payroll companies. Before you make a decision, take some time to research the various costs and features associated with each service.

As with any other part of your business, running a payroll isn’t something you want to put off and hope for the best. By taking the time to do it correctly each year, you will be able to ensure your employees get what is due to them and don’t have to worry about being paid late or having any issues with their taxes.

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