Checklist for Processing 1099’s and W2’s
End of Year Payroll Tax Forms: W2, 1099
Some of the most important payroll tax forms — W2 and 1099 forms — must be mailed out to your employees and contractors shortly after the calendar year ends. Any contractors who were paid more than $600 will need a 1099 form. Your employees will need a detailed breakdown of the amount they were paid during the calendar year and will need a W2 form. Below we have created a useful checklist to help you get organized and process these forms!
W2 Checklist
- Confirm amount of W2 to send, including gross compensation for the calendar year and tax amount
- Confirm legal name, address, and Tax ID for each employee
- Decide whether you’ll be filing via paper or electronically
- Confirm the total amount of all the W2 forms on your W3 Form
- Process and file Copy A of W2s and the W3 to SSA by January 31st
- Send Copy B,2 & C W2s to employees by January 31st
- Save Copy D internally for records
1099 Checklist
- Confirm amounts paid to vendors within calendar year
- If vendors received $600 or more, they will need a 1099
- Confirm number of 1099s to mail
- Compile W9s vendor information (Name, Address, Tax ID)
- Decide whether you’ll be filing via paper or electronically
- Confirm the total amount of all 1099 forms on your 1096 form
- Process and file Copy A 1099s/1096 with IRS by January 31st
- Send Copy B 1099s to vendors by January 31st
- Save Copy C internally for records
For more information on what type of 1099 form you need, read more at: https://www.irs.gov/instructions/i1099msc
NEXTSTEPS | 1.14.21
Latest Blog Posts
Creating More Equity in the Dance Ecosystem
Creating More Equity in the Dance EcosystemDance/USA’s new resource helps address equity in contracts The pandemic has prompted a new focus on more equitable dance contracts. When COVID-19 shut down performances and residencies in 2020, the impact was...
Making Social Easy with Capacity Interactive
Making Social Easy with Capacity InteractiveA marketing resource helps artists create social media content and ads Social media marketing, designed especially for artists These days, it’s critical to include social media in our marketing efforts. Our world is...
Dance/NYC and Gibney Reopening Dance in NYC
Dance/NYC and Gibney Reopening Dance in NYCNew toolkit helps dancers stay in motion Pentacle remains dedicated to continuing to provide a high level of support to artists during these extraordinary circumstances. Alongside many other key and respected organizations in...