What You Should Know About 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. 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 get 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. In the W2 form, the employer will be required to file details such as the address and the state identification number. 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. 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. Before the submission, employee is supposed to ensure that the relevant boxes are filled. They must ensure that they have correctly filled it to reflect the income and the tax withheld. On this website, you will learn more about how the boxes are filled.
It is necessary to be aware that what is filled on the form is the earning of the last year. The employer is required to prepare the form and make a submission before 31 of every January. 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.
The employer is the one who is responsible for drafting the W2 form. The printable form is the most recommended. Click for more on how the form looks like. The new, former, and the current employees can use this form. To learn more about this W2 form, learn more here.
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. 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. There are many more forms than the IRS require the employee to be prepared, check it out!