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Year-End Reporting & W-2 Processing Flashcards

7 cards from real CPP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What is the deadline for employers to furnish W-2 forms to employees?

    Answer: January 31

    The IRS requires employers to furnish W-2 forms to employees by January 31 of the year following the tax year.

  2. Which box on Form W-2 reports Social Security wages?

    Answer: Box 3

    Box 3 reports total wages subject to Social Security tax, which may differ from Box 1 wages due to pre-tax deductions.

  3. What is the penalty per form for W-2 forms filed more than 30 days late but before August 1?

    Answer: $120 per form

    The IRS imposes a $120 penalty per W-2 form filed more than 30 days after the due date but before August 1 of the filing year.

  4. What Box 12 code is used on Form W-2 to report elective deferrals to a 401(k) plan?

    Answer: Code D

    Code D in Box 12 reports elective deferrals under a Section 401(k) cash or deferred arrangement.

  5. Which form is filed with the Social Security Administration to transmit Copy A of W-2 forms?

    Answer: Form W-3

    Form W-3 (Transmittal of Wage and Tax Statements) is filed with the SSA to summarize and transmit all Copy A W-2 forms.

  6. What information is reported in Box 8 of Form W-2?

    Answer: Allocated tips

    Box 8 reports allocated tips, which employers assign to employees whose reported tips fall below the minimum required percentage of gross receipts.

  7. Form 944 may be used instead of Form 941 by employers who expect their annual employment tax liability to be no more than:

    Answer: $1,000

    The IRS allows eligible employers to file Form 944 annually instead of Form 941 quarterly when their expected annual employment tax liability is $1,000 or less.