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. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the 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. In the W2 form, the employer will be required to file details such as the address and the state identification number. In the form, you are also going to find the person, and income details of the employee. click here to learn more on the details that require from the employee to identify them as the taxpayers. On this page, you are also going to learn more on what you should do once you have received the W2 form from the employer.
The W2 contain boxes that have both letters and numbers. Before the submission, employee is supposed to ensure that the relevant boxes are filled. They must ensure that they have correctly filled it to reflect the income and the tax withheld. View here for more details on how each box on the W2 form is filled.
It is necessary to be aware that what is filled on the form is the earning of the last year. The employer is required to prepare the form and make a submission before 31 of every January. After receiving the form, you will have until 15 of April to fill your income tax details. Learn more on what happens if you do not fill the form on time.
As an already stated, it is the employer who is supposed to make the W2 form. The printable form is the most recommended. Check here on how the printable W2 form look like. The new, former, and the current employees can use this form. For comprehensive details about THIS form, learn more on this site.
It is also vital that you understand other tax document that is related to the W2 form. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. If you are a contract employee, you will have to fill the W9 form from the day that you start to work for the company. The earning and deduction of the employee is shown on the 1099 form. To discover more information about these tax form, click on this page.
Cite: look what i found