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. In the W2 form, the employe will know on whether they will get the tax refund or they owe the state tax. 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. 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. Read more here on what is supposed to fill to identify the employee as a taxpayer. As an employee, once you get the form, you are supposed to scrutinize it as you look for any error; read more on this site.
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. View here for more details on how each box on the W2 form is 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. After receiving the form, you will have until 15 of April to fill your income tax details. Learn more on what happens if you do not fill the form on time.
The employer is the one who is responsible for drafting the W2 form. The printable form is the most recommended. View here on how it is supposed to look like. The new, former, and the current employees can use this form. Click here on more details about this form.
The W2 is one of the several forms related to the taxation of the employee. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in the company. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. To discover more information about these tax form, click on this page.
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