What You Should Know About the W2 Form
Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the paycheck. On this W2 form, an employee will know whether they owe tax or they deserve a refund. An employee who receives this form is known as the W2 employee.
There are various information that is needed 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. 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.
The W2 contain boxes that have both letters and numbers. The employer is supposed to fill the boxes before they submit. The boxes must be filled appropriately to ensure that they are reflecting what the employee has earned and the tax that has been withheld. View here for more details on how each box on the W2 form is filled.
It is necessary to be aware that what is filled on the form is the earning of the last year. The form must have been prepared and submitted to the employee before the end of January every year. 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. Click for more on how the form looks 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. 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. On the 1099 form, you are going to see information regarding the earning and the deduction of the employee. To discover more information about these tax form, click on this page.