A Comprehensive Guide on 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 form has the information regarding the tax withheld from the paycheck of the employee and their income. 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 receives 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. Read more here on what is supposed to fill 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. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. 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. The employer is required to prepare the form and make a submission before 31 of every January. 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.
If you are an employer, you will need to create a W2 form for your employees. The printable form is the most recommended. Check here on how the printable W2 form 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. 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. 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.