An Overview of The W2 Form
Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. 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 receives this form is known as the W2 employee.
In the W2 form, there are several pieces of information that you will be required to fill. The details of the employee, such as the state identification and address, will be required. 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. 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 website, you will learn more about how the boxes are filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. The form must have been prepared and submitted to the employee before the end of January every year. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. What happen if you are late in submitting? Click here for more.
The employer is the one who is responsible for drafting the W2 form. The printable form is the most recommended. Click for more on how the form looks like. The new, former, and the current employees can use this form. To learn more about this W2 form, learn more here.
The W2 is one of the several forms related to the taxation of the employee. W4 is used by the employer to determine how much tax they are supposed to withhold from the employee’s 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. There are many more forms than the IRS require the employee to be prepared, check it out!
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