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. In the W2 form, the employe will know on whether they will get the tax refund or they owe the state tax. The W2 employee is the one who receives this form.
There are various information that is needed in the W2 form. In the W2 form, the employer will be required to file details such as the address and the state identification number. 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. Once you receive the W2 form; you are supposed to go through it to identify any error; Learn More about this here.
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. The boxes must be filled appropriately to ensure that they are reflecting what the employee has earned and the tax that has been withheld. On this website, you will learn more about how the boxes are filled.
The W2 form is supposed to be filled for the earning that one earned the previous year. The employer is required to prepare the form and make a submission before 31 of every January. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. Learn more on what happens if you do not fill the form on time.
As an already stated, it is the employer who is supposed to make the W2 form. The printable form is the most recommended. Click for more on how the form looks like. The printable form is suited for the current, former, and new employees. To learn more about this W2 form, learn more here.
The W2 is one of the several forms related to the taxation of the employee. 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!