Question
Asked Feb 4, 2020
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Save the Sea Lions Ltd posted their 2018 W-2s for their 16 employees to their secure Web site on January 28, 2019. The W-2s totaled $562,931.64, and (due to a software error) the names and Social Security numbers did not match. How much of a late filing penalty will they be liable for?
a.$0
b.$1,600
c.$4,320
d.$800
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Expert Answer

Step 1

The W-2 is an official wage & tax statement. It is reported by the employee which shows the amount of annual wages & tax withheld by the employee from their paycheck.

Step 2

The correct answer is d ($800).

Explanation: If their occurs any error in matching the name and social security number of the employees, then the error is corrected first and thereafter the W-2 form is filled. Penalty for late filling the form is charged. The elate filling penalty is $50 per employee, if the error is corrected within 30 days.

It is assume...

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