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 form has the information regarding the tax withheld from the paycheck of the employee and their income. 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.
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. 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. View here for more details on how each box on the W2 form is filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. 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. 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. You should consider the printable form because it makes the process easy and saves you time. 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. 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. On the 1099 form, you are going to see information regarding the earning and the deduction of the employee. To discover more information about these tax form, click on this page.