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. 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. The W2 employee is the one who receives this form.
You will be required to fill several pieces information related to the tax 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. Read more here about the W2 form.
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. 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.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. The employer is required to prepare the form and make a submission before 31 of every January. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. Learn more on what happens if you do not fill the form on time. Discover more about this form on this page.
As an already stated, it is the employer who is supposed to make the W2 form. The printable form is the most recommended. 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. The earning and deduction of the employee is shown on the 1099 form. To discover more information about these tax form, click on this page.