What You Should Know About the W2 Form
Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. 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.
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. In the form, you are also going to find the person, and income details of the employee. click here to learn more on the details that require from the employee to identify them as the taxpayers. As an employee, once you get the form, you are supposed to scrutinize it as you look for any error; read more on this site.
It is vital to note that the form has boxed that are labeled with letters and number. 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 be aware that what is filled on the form is the earning of the last year. Before 31 January every year, the company is supposed to have prepared and submitted the W2 form. 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. Click here on more details about this form.
Beside the W2 form, there are other forms relating to the tax. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in 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!