An Overview of 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. 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 receives this form is known as the W2 employee.
There are various information that is needed in the W2 form. The details of the employee, such as the state identification and address, will be required. In the form, you are also going to find the person, and income details of the employee. 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. Before the submission, employee is supposed to ensure that the relevant boxes are filled. 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. Before 31 January every year, the company is supposed to have prepared and submitted the W2 form. 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. Check here on how the printable W2 form look like. The printable form is suited for the current, former, and new employees. For comprehensive details about THIS form, learn more on this site.
Beside the W2 form, there are other forms relating to the tax. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. 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. Here, you are going to get a comprehensive guide on different form that is required by the IRS.