What You Should Know About 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 for reports contain the details of the annual income of the employee and the taxes that has been withheld from their paycheck. In the W2 form, the employe will know on whether they will get the tax refund or they owe the state tax. An employee who get this form is known as the W2 employee.
There are various information that is needed in the W2 form. 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. View here for more about what is supposed to be on the form 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. Before the submission, employee is supposed to ensure that the relevant boxes are filled. 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 website, you will learn more about how the boxes are filled.
It is necessary to be aware that what is filled on the form is the earning of the last year. Before 31 January every year, the company is supposed to have prepared and submitted the W2 form. After receiving the form, you will have until 15 of April to fill your income tax details. What happen if you are late in submitting? Click here for more.
As an already stated, it is the employer who is supposed to make the W2 form. It is recommended that they consider the printable form. Click for more on how the form looks like. The printable form is suited for the current, former, and new employees. Click here on more details about this form.
Beside the W2 form, there are other forms relating to the tax. W4 is used by the employer to determine how much tax they are supposed to withhold from the employee’s paycheck. 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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