An Overview of The W2 Form
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. The details of the employee, such as the state identification and address, will be required. Personal and income details of the employee will be needed in the form. click here to learn more on the details that require from the employee to identify them as the taxpayers. Once you receive the W2 form; you are supposed to go through it to identify any error; Learn More about this here.
On the form, you are going to find many fillable boxes that are labeled with letter and numbers. Before the submission, employee is supposed to ensure that the relevant boxes are filled. 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 note that it is the earning of the previous year that is filled in the W2 form. The form must have been prepared and submitted to the employee before the end of January every year. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. 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. It is recommended that they consider the printable form. 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.
It is also vital that you understand other tax document that is related to the W2 form. 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. Here, you are going to get a comprehensive guide on different form that is required by the IRS.