What You Should Know About the W2 Form
Every year, the IRS and the employee is supposed to receive the W2 form from the employer. 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. The W2 employee is the one who receives this form.
You will be required to fill several pieces information related to the tax 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. View here for more about what is supposed to be on the form 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.
It is vital to note that the form has boxed that are labeled with letters and number. 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.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. 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. What happen if you are late in submitting? Click here for more.
As an already stated, it is the employer who is supposed to make the W2 form. You should consider the printable form because it makes the process easy and saves you time. 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.
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. 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.