Employers must file a Form W-2 for each employee from whom Income, social security, or Medicare tax was withheld.
Employee’s Federal Withholding – used for new hire reporting and to calculate the correct federal income tax withholding from pay.
Employee’s Wisconsin Withholding – used for new hire reporting and to calculate correct Wisconsin income tax withholding from pay.
Form 1099-NEC and Form 1099-MISC
For 2020, use Form 1099-NEC to report nonemployee compensation. This is no longer reported on Form 1099-MISC.
File Form 1099-MISC for each person to whom you have paid during the year:
- At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
- At least $600 in:
- Prizes and awards.
- Other income payments.
- Medical and health care payments.
- Crop insurance proceeds.
- Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish.
- Generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
- Payments to an attorney.
- Any fishing boat proceeds.
In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.