An Overview of The W2 Form
Every year, the IRS and the employee is supposed to receive the W2 form from the employer. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the paycheck. On this W2 form, an employee will know whether they owe tax or they deserve a refund. 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 earning details of the employee will also be required. View here for more about what is supposed to be on the form to identify the employee as a taxpayer. On this page, you are also going to learn more on what you should do once you have received the W2 form from the employer.
It is vital to note that the form has boxed that are labeled with letters and number. 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 website, you will learn more about how the boxes are 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. What happen if you are late in submitting? Click here for more.
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. The printable form is suited for the current, former, and new employees. Click here on more details about this form.
Beside the W2 form, there are other forms relating to the tax. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. 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!
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