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. On this W2 form, an employee will know whether they owe tax or they deserve a refund. The W2 employee is the one who receives this form.
In the W2 form, there are several pieces of information that you will be required to fill. Basically the form will be having information regarding the company or the employer such as the address, and the state identification. In the form, you are also going to find the person, and income details of the employee. View here for more about what is supposed to be on the form to identify the employee as a taxpayer. 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. 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 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. 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. You should consider the printable form because it makes the process easy and saves you time. Click for more on how the form looks like. The printable form is suited for the current, former, and new employees. 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. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. There are many more forms than the IRS require the employee to be prepared, check it out!