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. 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 get this form is known as the W2 employee.
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. Personal and earning details of the employee will also be required. Read more here on what is supposed to fill to identify the employee as a taxpayer. 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.
The W2 contain boxes that have both letters and numbers. The employer is supposed to fill the boxes before they submit. 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 homepage, you will find comprehensive details on how these boxes on the form are supposed to be filled.
The W2 form is supposed to be filled for the earning that one earned the previous 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. 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. For comprehensive details about THIS form, learn more on this site.
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. There are many more forms than the IRS require the employee to be prepared, check it out!