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. 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. An employee who receives this form is known as the W2 employee.
There are various information that is needed in the W2 form. In the W2 form, the employer will be required to file details such as the address and the state identification number. In the form, you are also going to find the person, and income details of the employee. 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.
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. It is the responsibility of the employer to make sure that the form is correctly filled to reflect the earning and the income to be withheld. On this homepage, you will find comprehensive details on how these boxes on the form are supposed to be filled.
The W2 form is supposed to be filled for the earning that one earned the previous year. The form must have been prepared and submitted to the employee before the end of January every year. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. Discover more on what you should do if the form is not submitted on time.
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. Click here on more details about this form.
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. 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.