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. On this W2 form, an employee will know whether they owe tax or they deserve a refund. An employee who get 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. 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. 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.
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. It is the responsibility of the employer to make sure that the form is correctly filled to reflect the earning and the income to be 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. What happen if you are late in submitting? Click here for more.
As an already stated, it is the employer who is supposed to make the W2 form. It is recommended that they consider the printable form. View here on how it is supposed to look like. The printable form is suited for the current, former, and new employees. 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. 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. Here, you are going to get a comprehensive guide on different form that is required by the IRS.
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