Every year, the IRS and the employee is supposed to receive the W2 form from the employer. The W2 for reports contain the details of the annual income of the employee and the taxes that has been withheld from their paycheck. On this W2 form, an employee will know whether they owe tax or they deserve a refund. The W2 employee is the one who receives this form.
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. Personal and income details of the employee will be needed in the form. click here to learn more on the details that require from the employee to identify them as the taxpayers. 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.
The W2 contain boxes that have both letters and numbers. 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 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. After receiving the form, you will have until 15 of April to fill your income tax details. 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. It is recommended that they consider the printable form. Click for more on how the form looks like. The new, former, and the current employees can use this form. For comprehensive details about THIS form, learn more on this site.
The W2 is one of the several forms related to the taxation of the employee. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. The earning and deduction of the employee is shown on the 1099 form. Here, you are going to get a comprehensive guide on different form that is required by the IRS.