An Overview of The W2 Form
Every year, the IRS and the employee is supposed to receive the W2 form from the employer. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the 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 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. 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. click here to learn more on the details that require from the employee to identify them as the taxpayers. 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.
On the form, you are going to find many fillable boxes that are labeled with letter and numbers. Before the submission, employee is supposed to ensure that the relevant boxes are filled. 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 be aware that what is filled on the form is the earning of the last year. The employer is required to prepare the form and make a submission before 31 of every January. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. 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. 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. You can use the printable form for the new, current, and the former staffs. 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. Here, you are going to get a comprehensive guide on different form that is required by the IRS.
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