A Comprehensive Guide on The W2 Form
At the end of each year, the employer is supposed to send to the employee and the internal revenue service a form called W2. The W2 form has the information regarding the tax withheld from the paycheck of the employee and their income. 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. The W2 employee is the one who receives this form.
You will be required to fill several pieces information related to the tax in the W2 form. In the W2 form, the employer will be required to file details such as the address and the state identification number. Personal and income details of the employee will be needed in the form. Read more here on what is supposed to fill to identify the employee as a taxpayer. Once you receive the W2 form; you are supposed to go through it to identify any error; Learn More about this here.
The W2 contain boxes that have both letters and numbers. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. The boxes must be filled appropriately to ensure that they are reflecting what the employee has earned and the tax that has been 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 form must have been prepared and submitted to the employee before the end of January every year. 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.
As an already stated, it is the employer who is supposed to make the W2 form. You should consider the printable form because it makes the process easy and saves you time. Click for more on how the form looks like. You can use the printable form for the new, current, and the former staffs. For comprehensive details about THIS form, learn more on this site.
Beside the W2 form, there are other forms relating to the tax. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. 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. On the 1099 form, you are going to see information regarding the earning and the deduction of the employee. There are many more forms than the IRS require the employee to be prepared, check it out!
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