What You Should Know About the W2 Form
Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. The W2 for reports contain the details of the annual income of the employee and the taxes that has been withheld from their paycheck. This is an essential form because it is the one that is used to determine whether the employee owe tax or is supposed to get a tax refund. An employee who get this form is known as the W2 employee.
In the W2 form, there are several pieces of information that you will be required to fill. Basically the form will be having information regarding the company or the employer such as the address, and the state identification. In the form, you are also going to find the person, and income details of the employee. Read more here on what is supposed to fill to identify the employee as a taxpayer. As an employee, once you get the form, you are supposed to scrutinize it as you look for any error; read more on this site.
It is vital to note that the form has boxed that are labeled with letters and number. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. They must ensure that they have correctly filled it to reflect the income and the tax withheld. On this homepage, you will find comprehensive details on how these boxes on the form are supposed to be filled.
The W2 form is supposed to be filled for the earning that one earned the previous year. The employer is required to prepare the form and make a submission before 31 of every January. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. Discover more on what you should do if the form is not submitted on time.
The employer is the one who is responsible for drafting the W2 form. You should consider the printable form because it makes the process easy and saves you time. Check here on how the printable W2 form look like. You can use the printable form for the new, current, and the former staffs. Click here on more details about this form.
The W2 is one of the several forms related to the taxation of the employee. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in the company. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. To discover more information about these tax form, click on this page.
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