QuickBooks Online is a software that is known for its multitasking functions. Most companies use QuickBooks Online rather than appointing employees for financing of the business. W-2 form and W-3 form are in QuickBooks online that helps us to manage employees income. QB online provides fast and accurate results, which is why most of the business owners go for the cloud based accounting softwares. Here in this blog, we have briefly discussed w-3 form, exactly what w-3 form is, its importance and how to get w-3 form in QuickBooks Online.
What Do You Understand By W-3 Forms?
W-3 forms are also known as transmittal forms used by the employers to give annual reporting of the total employees income. Different types of taxes an employee has paid, including W-2 reports, are submitted to the SSA (Social Security Administration). W-3 forms are a part of the QuickBooks payroll features that comes under the reporting process that is required by the IRS in the United States.
In QuickBooks Online users have an advantage that W-3 form can be generated automatically, which already includes all the information of all the employees in W-2 for submission to the IRS/SSA. It’s a required payroll form for reporting annual wages and taxes.
Why is QuickBooks Online better for the W-3 Form?
W-3 is essential for every company, it is used in many ways. Some of the uses are given below.
- It summarizes and makes the annual report automatically.
- QuickBooks Online Transmit W-3 form information to the IRS and SSA directly.
- W-3 forms in QBO complete the legal tax requirements of the SSA.
- Always keep your business respectful and maintain the accuracy of the data.
- It automatically fills the total for you, so you don’t have to take a calculator or fill out a form manually.
- You can easily file W-3 directly to the IRS with the help of QuickBooks.
Steps for How to Get W-3 Form QuickBooks Online
Here are the steps which you can follow to know how to get W-3 form QuickBooks Online.
- Go to your browser and search for the QBO.
- Go to the QuickBooks Online login and give correct credentials if you are an existing user.
- Otherwise, sign in to QuickBooks Online providing your information.
- Go to the taxes in the menu and click on payroll under the taxes.
- There, you will see a section for Year-End Forms. Click on that section.
- In the year-end section, you will see W-2 and W-3. Click on the option to continue with the filling form process.
- Before continuing, QuickBooks will show you the information of the employees in W-2. After reviewing, continue with the process.
- After that QuickBooks will automatically generate and provide you with a W-3 form.
- Once it is generated you can download it in the form of the PDF and file it with SSA.
- Here you’ve done with the process of getting W-3 Form Quickbooks Online.
Why is the W-3 Important?
W-3 forms are very important for every business. Here we have provided some importance of W-3 that shows why it is important to fill W-3 forms for an organization.
- The W-3 shows all the information of the W-2 in which employees wages and taxes are included.
- It is the reason for maintaining the law by reporting everything correctly.
- W-3 helps the government to analyze how much your employees earned and how much they paid tax.
- Employers use W-3 to give reports of total wages and taxes to the IRS.
- Helps with the accurate match with employers’ reports and IRS records.
- Without the W-3 IRS is not able to find out whether the taxes are correct or not.
Conclusion
In the information of a legal environment in your company, it is important to file W-3 reports to the IRS. Making a W-3 report builds the company’s reputation by following legal terms and conditions. QBO login helps you to build W-3 reports automatically and pushes your growth. As you have seen in this article QuickBooks Online plays a huge role in the W-3 form. It allows us to file W-3 reports directly to the government authority.