A Comprehensive Guide on The W2 Form
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. 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.
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 earning details of the employee will also be required. click here to learn more on the details that require from the employee to identify them as the taxpayers. Once you receive the W2 form; you are supposed to go through it to identify any error; Learn More about this here.
On the form, you are going to find many fillable boxes that are labeled with letter and numbers. The employer is supposed to fill the boxes before they submit. It is the responsibility of the employer to make sure that the form is correctly filled to reflect the earning and the income to be 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. Learn more on what happens if you do not fill the form on time.
If you are an employer, you will need to create a W2 form for your employees. It is recommended that they consider the printable form. 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.
It is also vital that you understand other tax document that is related to the W2 form. 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. To discover more information about these tax form, click on this page.