What You Should Know About 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 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.
You will be required to fill several pieces information related to the tax in the W2 form. The details of the employee, such as the state identification and address, will be required. Personal and earning details of the employee will also be required. 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. They must ensure that they have correctly filled it to reflect the income and the tax 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. After receiving the form, you will have until 15 of April to fill your income tax details. Discover more on what you should do if the form is not submitted on time.
The employer is the one who is responsible for drafting the W2 form. The printable form is the most recommended. Check here on how the printable W2 form 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. 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. There are many more forms than the IRS require the employee to be prepared, check it out!