At the end of each year, the employer is supposed to send to the employee and the internal revenue service a form called W2. 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. The W2 employee is the one who receives this form.
There are various information that is needed in the W2 form. The details of the employee, such as the state identification and address, will be required. In the form, you are also going to find the person, and income details of the employee. View here for more details on 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.
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. 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 note that it is the earning of the previous year that is filled in the W2 form. 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. Discover more on what you should do if the form is not submitted on time.
The employer is the one who is responsible for drafting the W2 form. It is recommended that they consider the printable form. Check here on how the printable W2 form look 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. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. On the 1099 form, you are going to see information regarding the earning and the deduction of the employee. Here, you are going to get a comprehensive guide on different form that is required by the IRS. Click here for more information about the W2 form.