The Complete W-2 Experience

[Rob]

Hello, community! Are you puzzled about W2s? Don't worry; we've got you covered! Below, you will find everything you need to know about W2s, including their purpose, contents, and how to access them. Whether you're an employer or an employee, understanding W2s is essential to comply with federal tax regulations. So, let's dive in!

Note: If you see the Employment tab (and not the Jobs & Pay tab), check out this page for instructions about your account.

W-2 Preparation:

• The W-2 is a federal form filed with the IRS that provides employees with their wage information and taxes withheld from those wages throughout the calendar year.
• Accurate social security numbers (SSNs) are crucial to tax filing. Therefore, employees should verify their SSN on file and make any necessary changes by Thursday, January 5th, 2023.
• At any point throughout the year, employees can change the settings of their federal W-4 form or other applicable state tax forms. The updated settings will impact the withholdings on any future payroll. This will not change any past withholdings.
• Employees who log in to Toast Payroll & Team Management can consent to receive electronic W-2 forms versus paper forms.
  
  

Receiving Your W-2:

• W-2s will be uploaded to the Toast Payroll system on Thursday, January 19th, 2023.
• Employees can find their electronic W-2 by selecting Myself > Documents & Forms > Year End Documents tab.
• Former employees maintain system access (in a limited capacity) and should follow the employee path to their W-2.
• HR+ Users can locate the master files containing all W-2s for the company under Company > Report Library > Year End/Quarterly Reports.
• Employers who opted out of self-service printing can expect printed W-2s to arrive at one central location for their business before Tuesday, January 31st, 2023.
  
  

Using Your W-2:

• Employees can use the video linked here to learn where their W-2 is in Toast Payroll and how to understand its information.
• Employees should consult an accountant on questions regarding their tax situation.
  
  

FAQs:

• The W-2 will be available on Thursday, January 19th, 2023.
• Employees can find their W-2 by selecting Myself > Documents & Forms > Year End Documents tab.
• Employees can change their W-2 delivery method by selecting Myself > Documents & Forms > Year End Documents tab.
• Employees can change the settings of their federal W-4 form or other applicable state tax forms at any point throughout the year.
• The deadline for making changes that will affect W-2s is Thursday, January 5th, 2023.
• Toast cannot send W2s to employees' email or home addresses.
  
  
  

Thanks for reading! You can check out the full article here! Do you have any other questions about W2s in Toast? Let us know in the comments below!

Further Resources:

• Toast Payroll: The Complete W-2 Experience
• Accessing Year-End Tax Documents
• How to Distribute W-2s
• W-2 Printing Instructions
• How to Read Your W-2
• Electronic W-2 FAQs
• Miscellaneous W-2 Items
  
  

This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice.  Please contact an attorney or other professional for specific advice.