A Comprehensive Guide on 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. The W2 employee is the one who receives this form.
There are various information that is needed 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 earning details of the employee will also be required. View here for more about what is supposed to be on the form 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 supposed to fill the boxes before they submit. They must ensure that they have correctly filled it to reflect the income and the tax withheld. On this website, you will learn more about how the boxes are 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. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. What happen if you are late in submitting? Click here for more.
If you are an employer, you will need to create a W2 form for your employees. You should consider the printable form because it makes the process easy and saves you time. View here on how it is supposed to look like. The new, former, and the current employees can use this form. For comprehensive details about THIS form, learn more on this site.
Beside the W2 form, there are other forms relating to the tax. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in 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!