An Overview of The W2 Form
Every year, the IRS and the employee is supposed to receive the W2 form from the employer. The W2 form has the information regarding the tax withheld from the paycheck of the employee and their income. 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. 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. Basically the form will be having information regarding the company or the employer such as the address, and the state identification. 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.
On the form, you are going to find many fillable boxes that are labeled with letter and numbers. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. 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. 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. The printable form is the most recommended. Check here on how the printable W2 form look like. The new, former, and the current employees can use this form. 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. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. 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.