Asked by Savannah Pulliam on Jul 21, 2024
Verified
Employers report wage income to employees on a Form W-3.
Form W-3
The transmittal form used to submit information on total wages paid and taxes withheld from all employees' wages to the IRS, accompanying the W-2 forms.
Wage Income
Earnings received by an employee as a result of their employment, typically in the form of a salary or wages.
- Know the reporting requirements for wage income and the significance of receiving and preparing accurate tax documents.
Verified Answer
SS
Sidharth SudheerJul 27, 2024
Final Answer :
False
Explanation :
Employers report wage income to employees on a Form W-2, not a Form W-3. Form W-3 is used by employers to transmit copies of all W-2 forms to the Social Security Administration.
Learning Objectives
- Know the reporting requirements for wage income and the significance of receiving and preparing accurate tax documents.