News For This Month:

An Overview of The W2 Form

Every year, the IRS and the employee is supposed to receive the W2 form from the employer. 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 receives 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.

The W2 contain boxes that have both letters and numbers. 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 homepage, you will find comprehensive details on how these boxes on the form are supposed to be filled.

It is necessary to be aware that what is filled on the form is the earning of the last year. Before 31 January every year, the company is supposed to have prepared and submitted the W2 form. 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.

If you are an employer, you will need to create a W2 form for your employees. It is recommended that they consider the printable form. View here on how it is supposed to look 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.

It is also vital that you understand other tax document that is related to the W2 form. 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!