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Anonymous
Jan 1, 2019 5:31 PM UTC

Employee's W-2's 2018

As an employer, are we required to report profit sharing contribution on employee's W-2's?

    1 reply

    john-pero
    john-pero
    Jan 2, 2019 1:55 PM UTC

    Yes. If you pay it out in cash you have to withhold all taxes. If it is a qualified retirement plan you only withhold FICA and state/local, I believe (subject to review) and you check the box for "retirement plan"

    https://budgeting.thenest.com/claim-profit-sharing-payouts-income-federal-taxes-34074.html

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