Form W-3 Meaning | Patriot Software

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Form W-3 Definition

Term Definition
All employers must complete Form W-3, the Transmittal of Wage and Tax Statements, and submit it to the Social Security Administration (SSA). You send this form with Form W-2. Form W-3 comprises all the information about employee earnings, Medicare wages, and Social Security wages. The form summarizes the information on Form W-2.

Extended Definition
Every year, employers are required to submit Form W-3 to the Social Security Administration (SSA). The form contains a summary of all the wages paid to employees and all federal taxes withheld. The SSA sends Form W-3 to the Internal Revenue Service (IRS). The IRS then checks the number of employees your business has and the accuracy of your Form W-2s.

Related Article
Payroll Tax Record-Keeping: IRS Requirements
What Is Form W-3?

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