Social security tax forms mailed out
The Social Security Administration (SSA) typically mails out Social Security tax forms, also known as W-2 forms, to employees and self-employed individuals in January of each year. The exact mailing date may vary, but it usually occurs around the last week of January.
Here are some key details about Social Security tax forms:
- W-2 forms: Employers are required to provide W-2 forms to their employees by January 31st of each year. The W-2 form shows the employee's income and taxes withheld for the previous calendar year.
- 1099-MISC forms: Self-employed individuals, freelancers, and independent contractors receive 1099-MISC forms, which report their income and taxes withheld. These forms are typically mailed out by January 31st as well.
- Social Security tax rates: The Social Security tax rate is 6.2% for employees and 12.4% for self-employed individuals. The employer also pays 6.2% of the Social Security tax, but this amount is not included on the W-2 form.
- Maximum taxable earnings: The Social Security tax applies to earnings up to a certain maximum amount, which is adjusted annually for inflation. For 2022, the maximum taxable earnings are $147,000.
- Tax withholding: Employers withhold Social Security taxes from employee paychecks and remit them to the SSA. Self-employed individuals are responsible for paying their own Social Security taxes, which are reported on their tax returns.
If you haven't received your W-2 or 1099-MISC form by mid-February, you can:
- Contact your employer or accountant to request a copy.
- Visit the SSA's website to check the status of your W-2 form.
- File Form 4852, Substitute for Form W-2, Wage and Tax Statement, if you're unable to obtain a copy of your W-2 form.
Remember to review your Social Security tax forms carefully and report any errors or discrepancies to the SSA or your employer as soon as possible.