Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. The W2 form has the information regarding the tax withheld from the paycheck of the employee and their income. 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. The W2 employee is the one who receives this form.
In the W2 form, there are several pieces of information that you will be required to fill. The details of the employee, such as the state identification and address, will be required. 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.
On the form, you are going to find many fillable boxes that are labeled with letter 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 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. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. What happen if you are late in submitting? Click here for more.
If you are an employer, you will need to create a W2 form for your employees. The printable form is the most recommended. Click for more on how the form looks like. You can use the printable form for the new, current, and the former staffs. 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. 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. The earning and deduction of the employee is shown on the 1099 form. To discover more information about these tax form, click on this page.