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. An employee who get 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. 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 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. On this website, you will learn more about how the boxes are filled.
It is necessary to be aware that what is filled on the form is the earning of the last 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. 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. 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.
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. 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.