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. On this W2 form, an employee will know whether they owe tax or they deserve a 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. 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.
The W2 contain boxes that have both letters and numbers. The employer is supposed to fill the boxes before they submit. The boxes must be filled appropriately to ensure that they are reflecting what the employee has earned and the tax that has been 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 be aware that what is filled on the form is the earning of the last 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. What happen if you are late in submitting? Click here for more.
The employer is the one who is responsible for drafting the W2 form. 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.
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. 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. 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.
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