A Comprehensive Guide on The W2 Form
Every year, the IRS and the employee is supposed to receive the W2 form from the employer. The W2 for reports contain the details of the annual income of the employee and the taxes that has been withheld from their paycheck. On this W2 form, an employee will know whether they owe tax or they deserve a refund. An employee who get 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. In the W2 form, the employer will be required to file details such as the address and the state identification number. 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. 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. They must ensure that they have correctly filled it to reflect the income and the tax withheld. View here for more details on how each box on the W2 form is filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. 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. Learn more on what happens if you do not fill the form on time.
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. View here on how it is supposed to look like. The printable form is suited for the current, former, and new employees. 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. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. Here, you are going to get a comprehensive guide on different form that is required by the IRS.