A Comprehensive Guide on The W2 Form
Every year, the IRS and the employee is supposed to receive the W2 form from the employer. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the 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 receives this form is known as the W2 employee.
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 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. On this page, you are also going to learn more on what you should do once you have received the W2 form from the employer.
It is vital to note that the form has boxed that are labeled with letters and number. Before the submission, employee is supposed to ensure that the relevant boxes are filled. 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. View here for more details on how each box on the W2 form is filled.
The W2 form is supposed to be filled for the earning that one earned the previous year. Before 31 January every year, the company is supposed to have prepared and submitted the W2 form. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. Discover more on what you should do if the form is not submitted 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. Click for more on how the form looks like. The new, former, and the current employees can use this form. Click here on more details about this form.
It is also vital that you understand other tax document that is related to the W2 form. 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. The earning and deduction of the employee is shown on the 1099 form. To discover more information about these tax form, click on this page.
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