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. 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.
In the W2 form, there are several pieces of information that you will be required to fill. 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. View here for more about what is supposed to be on the form 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.
On the form, you are going to find many fillable boxes that are labeled with letter 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. View here for more details on how each box on the W2 form is 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. 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. 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.
It is also vital that you understand other tax document that is related to the W2 form. W4 is used by the employer to determine how much tax they are supposed to withhold from the employee’s paycheck. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in the company. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. Here, you are going to get a comprehensive guide on different form that is required by the IRS.